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A step closer towards the new UK capital regime for investment firms

With less than six months to go until the new prudential regime for UK MiFID firms is due to come into effect, the FCA has published its second policy statement.

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Flash Analysis: Making Sense of the Non- and Semi-Transparent Active ETF Models

Practices: Asset Management, Investment Management

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On November 14, 2019, the SEC issued notices for four “semi-transparent” active ETF models – the T. Rowe, Fidelity, Blue Tractor, and Natixis/NYSE applications. These “semi-transparent” models noticed for approval reflect variations of a “proxy portfolio” approach, where there is some transparency into the ETF’s holdings and baskets available to authorized participants (APs) and other market participants. The enclosed contains a brief comparison of some of the principal features of the non- and semi-transparent active ETF exemptive models.

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