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.
Legal & Regulation
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.
The US regulatory body the SEC has announced that it has voted to adopt a new rule and form amendments that are designed to modernise the regulation of ETFs, ‘by establishing a clear and consistent framework for the vast majority of ETFs operating today’.
The SEC’s exemptive relief granted to non-transparent ETFs is a first but significant step for active managers and a boost to the ETF industry, says Rob Owens, Managing Director of SEI's Investment Manager Services division.
Precidian Investments has just received approval on its filing for non-transparent actively managed ETFs. The firm writes that its ActiveShares structure is an enhanced version of an ETF with a blind trust and supporting processes.
The Dutch Authority for Financial Markets (AFM) has granted S&P DJI Netherlands (S&P DJI BV) authorisation as a regulated Dutch benchmark administrator, under the EU benchmark regulation.