Search Results for keywords:"exemptive relief"

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Search Results: keywords:"exemptive relief"

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  • 2025-02753 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend BZX Rule 14.11(l) To Permit the Generic Listing and Trading of Multi-Class ETF Shares
    Type:Notice
    Citation:90 FR 9937
    Reading Time:about 14 minutes

    The Securities and Exchange Commission (SEC) is considering whether to approve a proposed rule change submitted by Cboe BZX Exchange, Inc. that would allow it to list and trade Multi-Class Exchange-Traded Fund (ETF) Shares under an amended rule. This change seeks to enable quicker listings of these shares when exemptive relief is granted by the SEC, as several applications for such relief are currently pending. The SEC is reviewing whether this proposal is consistent with legal requirements that protect investors and prevent fraud. Interested parties are encouraged to submit their opinions on whether the rule change should be approved or disapproved by mid-March 2025.

    Simple Explanation

    The SEC is thinking about a new rule that would let a stock exchange more easily list special kinds of shares called Multi-Class ETFs. They're checking if this new rule would keep people safe and stop trickery, and want people to say what they think about it by mid-March 2025.

  • 2021-03086 — Blue Tractor ETF Trust and Blue Tractor Group, LLC
    Type:Notice
    Citation:86 FR 9976
    Reading Time:about 10 minutes

    The Securities and Exchange Commission is reviewing a request from the Blue Tractor ETF Trust and Blue Tractor Group, LLC to amend a prior exemption order. This change would permit the funds to use "Creation Baskets" that may contain different instruments or weightings compared to their current portfolios. The purpose is to offer greater flexibility, reduce costs, and improve efficiency, without disadvantaging shareholders or compromising regulatory compliance. The commission will issue the ruling unless a hearing is requested by March 8, 2021.

    Simple Explanation

    The Securities and Exchange Commission is looking at a request from a group who manages some special funds; they want to change the rules to allow more flexibility in how they pick the items that go into their baskets of investments, which they say will help them save money and work better, without breaking any rules. People can speak up if they have any concerns by March 8, 2021.

  • 2025-03617 — Fidelity Covington Trust, et al.
    Type:Notice
    Citation:90 FR 11445
    Reading Time:about 10 minutes

    The Securities and Exchange Commission (SEC) is considering an application from Fidelity Covington Trust and others to amend a prior order, allowing certain funds to expand their investment options beyond what's currently permitted. The proposal suggests that these funds be able to invest in additional securities, such as fixed income and foreign investments, while adhering to new disclosure requirements to ensure transparency. The application argues that the flexibility in investments would not lead to confusion among investors and wouldn't negatively affect the fund's performance or operations. If granted, the new order would continue to meet the regulatory standards needed for exemption under various sections of the Investment Company Act.

    Simple Explanation

    In this notice, the Securities and Exchange Commission is thinking about letting some investment funds, like those from Fidelity, buy more kinds of stuff, like different money CDs or stocks from other countries. They promise to show clearly what they are doing so investors won't get confused.

  • 2021-00957 — Invesco Capital Management LLC, et al.
    Type:Notice
    Citation:86 FR 5302
    Reading Time:about 9 minutes

    The Securities and Exchange Commission (SEC) has received an application from Invesco Capital Management LLC and related entities to amend a previous order that allowed them certain exemptions for actively-managed exchange-traded funds (ETFs). The amendment seeks to provide more flexibility in the creation of "Creation Baskets," which are the collections of securities used to buy and sell ETF shares. Specifically, Invesco wants to include different securities or different weightings in these baskets compared to what the current Substitute Basket holds. The aim is to improve efficiency, reduce costs, and better manage the funds, provided that these changes do not harm the funds or their investors. The SEC will grant the exemption unless a hearing is requested by February 8, 2021.

    Simple Explanation

    The SEC is looking at a request from Invesco to change some rules about how they put together packages of stuff (called baskets) used to buy and sell pieces of their money funds (ETFs). They want to make these baskets more flexible so it costs less and works better, as long as it doesn't hurt the people who invest their money in these funds.

  • 2025-02620 — Order Granting Exemptive Relief, Pursuant to Section 36(a)(1) and Rule 608(e) of the Securities Exchange Act of 1934, From Certain Provisions of Section 6.4(d)(ii)(C) and Appendix D, Sections 9.1, 9.2 and 9.4 of the National Market System Plan Governing the Consolidated Audit Trail
    Type:Notice
    Citation:90 FR 9642
    Reading Time:about 26 minutes

    In an order by the Securities and Exchange Commission (SEC), exemptive relief is granted from certain reporting requirements related to the Consolidated Audit Trail (CAT). This ruling allows national securities exchanges and associations to stop collecting sensitive personal information like names, addresses, and years of birth from customers using transformed Social Security Numbers (SSNs) or Tax Identification Numbers (ITINs). Instead, the focus is on using a system that uniquely identifies customers without storing sensitive data, aiming to balance regulatory needs and personal data security. Broker-dealers will still manage and transform these identifiers, while regulators can request specific information directly when needed.

    Simple Explanation

    The government gave permission for some finance rules to change so that banks and exchanges don't have to collect people's private details like names and addresses. Instead, they use special, secret codes to keep everyone's information safe while still following the rules.

  • 2025-04188 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 1 to a Proposed Rule Change To Amend BZX Rule 14.11(l) To Permit the Generic Listing and Trading of Multi-Class ETF Shares
    Type:Notice
    Citation:90 FR 12387
    Reading Time:about 51 minutes

    The Securities and Exchange Commission is reviewing a proposed amendment to allow the Cboe BZX Exchange, Inc. to list and trade a new type of security known as Multi-Class ETF Shares. This rule change involves setting standards for these securities that don't require prior approval from the Commission, as long as they meet certain requirements under the Investment Company Act. The goal is to facilitate more efficient trading and potential benefits for investors. The Commission is seeking public comments on this proposed rule change.

    Simple Explanation

    The SEC is thinking about a new rule that lets a stock exchange trade a special kind of new shares called Multi-Class ETF Shares, which could help people trade more easily. They're asking everyone to say what they think about this idea.

  • 2021-00961 — Natixis ETF Trust II, et al.
    Type:Notice
    Citation:86 FR 5300
    Reading Time:about 10 minutes

    The Securities and Exchange Commission (SEC) has received an application to amend a previous order regarding exchange-traded funds (ETFs) managed by Natixis Advisors, L.P. The application seeks to allow these funds more flexibility in the composition of "Creation Baskets," which are collections of securities that investors can use to create or redeem shares in the fund. This change would enable ETFs to include securities not listed in their Proxy Portfolio, with the goal of reducing costs and improving efficiency without negatively affecting the funds or their shareholders. The SEC will grant the order unless a hearing on the application is requested.

    Simple Explanation

    The government is thinking about changing the rules for some special boxes of toys (called "Creation Baskets") that people use to trade and share in a money game. These new rules would let the toy boxes include different toys than before, which might make playing the game cheaper and more fun for everyone.

  • 2025-01613 — Order Granting Temporary Conditional Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 and Rule 608(e) of Regulation NMS Thereunder, From Certain Requirements of Appendix D, Section 3 of the National Market System Plan Governing the Consolidated Audit Trail
    Type:Notice
    Citation:90 FR 8078
    Reading Time:about 14 minutes

    The Securities and Exchange Commission (SEC) has granted a temporary extension for certain companies that operate in the securities market. This extension allows them to bypass a specific requirement related to tracking and linking customer orders and representative orders in cases where their systems aren't directly connected. The SEC supports this extension to give companies more time to find long-term solutions and maintain market stability. This decision is made in the interest of protecting investors and ensuring the market remains organized and efficient.

    Simple Explanation

    The SEC is giving some companies extra time to fix their systems so they can track where people's money goes when they buy or sell stocks, because their current systems aren't working together well right now. This helps make sure everything stays fair and safe for everyone investing in the stock market.