SEC Urges Exchanges for Final ETF Filings, Bloomberg Reveals

In a recent development reported by Bloomberg on January 5, the U.S. Securities and Exchange Commission (SEC) has reportedly directed multiple ETF (Exchange-Traded Fund) participants to swiftly submit updated filings. Sources familiar with the matter revealed that the SEC has instructed exchanges and issuers to submit final versions of 19b-4 filings by an imminent deadline, potentially as early as Friday.

Insiders, speaking anonymously to Bloomberg, disclosed that the SEC’s staff had provided no further feedback on certain filings subsequent to the latest amendments. However, there’s ambiguity regarding whether this statement pertains to filings submitted on the day of the report or to earlier versions.

These 19b-4 filings serve as blueprints outlining rule alterations necessary for exchanges like Nasdaq, NYSE Arca, and Cboe BZX to list and trade ETFs, contingent upon regulatory approval.

Amidst speculations from reporters like Jacquelyn Melinek of TechCrunch and Eleanor Terrett of FOX Business, hinting at potential updates on the filings either on Friday or Monday, no such revisions appeared to have been lodged at the time of Bloomberg’s report. Additionally, the SEC’s final endorsement is still pending on S-1 prospectuses, detailing the ETFs themselves, rather than the exchange rule modifications. These S-1 amendments were submitted leading up to a deadline on December 29.

While not specifically cited as an author in Bloomberg’s recent coverage, ETF analyst Eric Balchunas contributed insights on the filing timeline. In an X post on January 5, Balchunas indicated that final S-1 submissions from applicants were expected by Monday morning, aligning with the SEC’s aim to potentially facilitate a launch on January 11.

This recent directive by the SEC underscores a heightened push within the regulatory realm regarding ETF filings. The immediacy surrounding the finalization of these filings suggests a potential shift or development in the ETF landscape, with the SEC evidently orchestrating efforts to streamline the process for imminent launches.

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