SEC upgrades ETF regulatory framework

The US Securities and Exchange Commission (SEC) has introduced a new rule aimed at modernising the regulatory framework for exchange-traded funds (ETFs).  ETFs that satisfy certain conditions would be able to operate within the scope of the Investment Company Act of 1940 and to come to market without applying for individual exemptive orders. 'This proposal is an important step in moving a substantial portion of the US$3.4 trillion ETF market under a rules-based framework that continues to provi