ETF (Exchange-Traded Funds) Content

On March 31, 2023, ICI filed a comment letter on the SEC's proposals for Regulation Best Execution and the Order Competition Rule issued by the SEC on December 14, 2022. Proposed Regulation Best Execution would establish a new SEC-level standard regarding a broker-dealer's duty of...

The SEC has previously granted exemptive relief that permits certain fund sponsors to operate ETFs that do not fully disclose their portfolio holdings each day ("non-transparent ETFs"). Such exemptive relief requires non-transparent ETFs to include a lengthy risk legend in certain...

Please note that we have changed the dates for the Institute's October 2023 ETF Committee meeting and dinner, which now will take place on Wednesday, October 25 (dinner) and Thursday, October 26 (meeting).

On February 15, 2023, the Securities and Exchange Commission (the "Commission") adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date ("T+2") to one business day after the trade date...

ICI is circulating the draft comment letter regarding the Securities and Exchange Commission's (the "Commission" or SEC) proposals for Regulation Best Execution and the Order Competition Rule, both of which were proposed on December 14, 2022.

Attached for your review is ICI's draft comment letter to the SEC's Tick Size and Access Fee Reduction Proposal. A separate comment letter on the SEC's Best Execution and Order Competition proposals will be forthcoming shortly.

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") proposed Regulation Best Execution ("Proposal"), which would establish a new Commission standard regarding a broker-dealer's duty of best execution.

On December 14, 2022, the SEC proposed the Order Competition Rule ("Proposal"), which would add proposed Rule 615 to Regulation National Market System ("Reg NMS"). The Proposal would require that individual investor orders be exposed to "qualified auctions," as established by proposed...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities subject to the rule; (2)...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to amend certain rules of Regulation National Market System ("Reg NMS") under the Securities Exchange Act of 1934 ("Exchange Act") to adopt variable minimum pricing...