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SEC Proposes Money Market Funds Reforms

On December 15, 2021, the SEC issued a release (the “Release”) proposing amendments to certain rules that govern money market funds under the 1940 Act. The proposed changes to Rule 2a-7, new reporting requirements and form changes (the “Proposals”) are intended to address problems experienced by certain money market funds in connection with the economic shock at the onset of the COVID-19 pandemic.

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Converting Traditional Open-End Funds into ETFs

Practices: Asset Management, Investment Management

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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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