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Converting Traditional Open-End Funds into ETFs

The Securities and Exchange Commission (the “SEC”) recently published a notice relating to an application for exemptive relief filed by Precidian ETFs Trust (“Precidian”) that would permit an actively managed exchange-traded fund (“ETF”) to operate without being subject to the current daily portfolio transparency condition included in past active ETF orders. We anticipate that this structure may be attractive to many active managers who may seek to offer their strategies as ETFs, including potentially through the conversion of an existing open-end fund into an ETF.

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SEC Warns: “the number of cases involving private equity will increase.”


Time to Read: 1 minutes Practices: Investment Management, Private Equity, Private Investment Funds, Corporate & Securities Litigation, Government Enforcement / White Collar Criminal Defense, Securities & Public Companies

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On January 23, the Chief of the Securities Exchange Commission’s Asset Management Unit (“AMU”), Bruce Karpati, participated in a question and answer session at the Private Equity International Conference. He discussed the SEC’s plans for oversight of the private equity industry and said that “it’s not unreasonable to think that the number of cases involving private equity will increase.”

The recent nomination of Mary Jo White for SEC Chairman further highlights the increased emphasis placed on enforcement. When he nominated Ms. White, President Obama emphasized this theme, stating that “it’s not enough to change the law. We also need cops on the beat to enforce the law.”

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