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Focus on Funds

Modernizing Exchange-Traded Fund Regulations

The US Securities and Exchange Commission has approved new rules that modernize the regulation of exchange-traded funds (ETFs). In the October 4, 2019, edition of Focus on Funds, ICI Associate General Counsel Jane Heinrichs discusses this important step for ETFs.

Transcript

Stephanie Ortbals-Tibbs, ICI director of media relations: A major milestone has arrived for the exchange-traded fund [ETF] industry and its investors: the US Securities and Exchange Commission has approved an ETFs rule. Jane Heinrichs, our associate general counsel, is going to break it down for me. Jane, this is a big day for the industry.

Jane Heinrichs, ICI associate general counsel: Oh, yes, definitely. We’ve been waiting for this rule for years. The new ETF rule will make the entire regulatory regime for ETFs more consistent, more transparent, better for investors. It’ll level the playing field for all of the fund industry.

Ortbals-Tibbs: So knowing that we’re still reading, and there are hundreds of pages as always to get through: as you dig in to the details, what will be a few things you’ll be watching for? What happens here next?

Heinrichs: So we are currently reviewing the rule, and of course, the devil’s in the details—but we look forward to working with the industry during the implementation period. So that’ll be our next step.

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