Jim Nash (pictured), director at compliance consulting and outsourced broker/dealer firm Foreside, is urging ETF issuers to call their compliance consultants now as the December 2020 deadline looms for compliance with the ETF rule, rule 6c-11.
Legal & Regulation
Researchers at digital asset specialists 21Shares have uncovered further details on a recent gold counterfeiting attempt – is bitcoin the way forward, they ask.
EFAMA has called on the European Commission (EC) to enforce the creation of a consolidated tape (CT), commenting: “MiFID II still fails to deliver a CT and the notion of “Reasonable Commercial Basis” in data cost has been largely overlooked.
Having trained with Dillon Eustace, Brian Higgins (pictured), partner, returned some 14 years ago and is now in the happy position of being with Ireland’s largest law firm in the funds industry, and working with Dublin-registered ETFs. Higgins is joining the regulatory panel for etfLIVE Europe, discussing the rapid rise of the ETF industry and the potential impact of MiFID II changes and the potential for active ETFs in Europe.
Market maker Old Mission has obtained a brokerage license modification for its Old Mission Markets’ subsidiary from Financial Industry Regulatory Authority, which will enable Old Mission Markets to begin offering trading services directly to buy-side institutions and ETF issuers later this year, complementing the firm’s existing market making business conducted through the Old Mission Capital broker-dealer.
Swedish Financial Supervisory Authority (SFSA) Finansinspektionen has approved the Base Prospectus filed by Amun AG for fully collateralised, passive investment products with crypto currencies as the underlying asset.
Mid-November’s announcement by the US Securities and Exchange Commission of the intention to approve novel ETF structures included the Shielded Alpha ETF wrapper from Blue Tractor Group.
The Securities and Exchange Commission (SEC) has granted preliminary exemptive relief to T Rowe Price to offer semi-transparent exchange-traded funds (ETFs), paving the way for the firm launch ETFs that employ its longstanding actively managed investment approach.
Last month saw the SEC pass the long-awaited ETF rule, the 6c-11 rule. Christopher Carlson, counsel at Seward & Kissel LLP, based in the Investment Management Group in Washington, DC explains that the new rule will allow firms to launch ETFs more quickly.
Innovator Capital Management, together with Cboe Global Markets, has created a path for options-based ETFs, including its flagship Buffer ETFs, to be more tax-efficient by taking advantage of in-kind transfers previously only available to traditional ETFs.