SEC plan would make it easier to start exchange-traded funds
The mutual fund industry has long complained about the wait associated with getting SEC approval of new funds.
By Ben Bain and Rachel Evans|June 28, 2018 at 01:32 PM
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(Bloomberg) –The fast-growing $3.6 trillion U.S. market for exchange-traded funds is closer to getting a shot in the arm after Wall Street’s main regulator advanced a proposal for streamlining its approval process for the products.
The Securities and Exchange Commission plan approved for public comment on Thursday would make it easier to bring new ETFs to market by laying out formal steps for setting up less-complicated funds. The change would eliminate the need for many issuers to seek a special order from the SEC to allow funds to operate. Commissioners voted 5-0 to release the proposal.
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