ETFs/ETPs – Page 2 – Global Investment Law Watch

United States: SEC Appears Poised to Bolster Competition on “Y’all Street”

Apr 10 2025

By: Jessica Cohn and Caroline Roethlisberger

On 4 April 2025, the Securities and Exchange Commission (SEC) published Texas Stock Exchange’s (TXSE) Form 1 Application and Exhibits, indicating that the SEC intends to grant TXSE’s registration as a national securities exchange. The application provides new details about TXSE, including its proposed listing standards and requirements and the technology to be utilized. TXSE has previously announced that it expects to receive that necessary SEC approval and be listing companies and funds on its exchange by early 2026.

United States: New Kid on Y’all’s Block

Mar 13 2025

By: Stacy L. Fuller, Kevin R. Gustafson, Richard F. Kerr, Jessica D. Cohn, and Christine Mikhael

On 31 January 2025, the Texas Stock Exchange LLC (TXSE) filed a registration statement with the US Securities and Exchange Commission (SEC) to operate as a fully electronic, national securities exchange.

Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds

Oct 24 2024

By Hazel Doyle and Nicola McCaffrey

In an important speech, Derville Rowland, the Central Bank of Ireland’s Deputy Governor for Consumer and Investor Protection has outlined the Central Bank’s approach to ETFs in Ireland. Some of the points she made are highlighted in this blog.

United States: SEC Says Crypto ETPs Are Exam Priority

Oct 24 2024

By: Keri Riemer and Lael Franco

On 21 October 2024, the SEC’s Division of Examinations (Division) published its 2025 Examination Priorities (Priorities) to provide insight into what the Division plans to focus on in the 2025 fiscal year. In addition to other areas of risk highlighted in the Priorities, the Division has advised that it will to continue to monitor – and conduct examinations if deemed appropriate – of registrants offering crypto asset-related services, including spot bitcoin or ether exchange-traded products (ETPs). However, with respect to spot bitcoin or ether ETPs, the Division’s oversight may be limited to the ETPs’ sponsors or managers rather than the ETPs themselves.

United States: Cooking the Books: CFTC Turns Up the Heat on Voluntary Carbon Market Fraudsters

Oct 17 2024

By: Cheryl L. Isaac and Clifford C. Histed

On 2 October 2024, the Commodity Futures Trading Commission (CFTC) announced multiple actions related to fraud in the voluntary carbon credit (VCC) market, just over one year after establishing the Environmental Fraud Task Force. Specifically, the CFTC filed a complaint in federal court against the former CEO of a carbon credit project developer and, on the same day, settled charges against CQC Impact Investors LLC (CQC) and its former COO, all related to a deceptive scheme purportedly intended to reduce carbon emissions.

United States: Extra Credit Projects: SEC Settles Charges Against Carbon Offset Project Developer for US$250 Million Offering Fraud

Oct 07 2024

By: Pablo Man

On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer), for fraudulently altering data concerning its business and making material misrepresentations in the offering of equity to institutional investors in the United States. The SEC’s order found that the Developer violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

United States: CME Group Clarifies and Emphasizes the Duty to Supervise Trading on its Markets

Aug 09 2024

By: Clifford Histed and Cheryl Isaac

If you or your company trades on CME, CBOT, NYMEX or COMEX (CME Group exchanges, collectively referred to herein as “CME”), you will need to take note of CME’s new Market Regulation Advisory Notice (MRAN), which became effective on 16 July. The new MRAN is called “Supervisory Responsibilities for Employees and Agents” and should be reviewed closely to understand CME’s expectations related to diligent supervision, including policies, trainings, monitoring, remediation and sanctions.

Global: Three Things to Know About Cboe’s ETF Share Class Filing

Apr 23 2024

By: Stacy L. Fuller, Kevin R. Gustafson, Christine Mikhael and Crystal Liu

On 15 April 2024, Cboe BZX Exchange, Inc. (Cboe) filed an application pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC), to amend its exchange-traded funds (ETFs) listing standards to permit ETF share classes issued by open-end investment companies that offer mutual fund share classes pursuant to any exemptive relief to be granted by the SEC.

Australia: Federal Court Rules on Greenwashing Civil Penalty Action

Apr 12 2024

By: Lisa Lautier and Dhivya Kalyanakumar

On 28 March 2024, the Federal Court handed down its verdict on the greenwashing civil penalty action brought by the Australian Securities and Investments Commission (ASIC).

Australia: Update to the Naming Convention for Exchange Traded Products

Mar 28 2024

By: Matthew Watts, Lisa Lautier and Dhivya Kalyanakumar

Since 2017, the Australian Securities and Investments Commission (ASIC) has provided guidance to licensed exchanges on exchange traded products (ETP) naming conventions under Information Sheet 230 (INFO 230). This policy is designed to help ensure that admission and monitoring standards for ETP’s support fair, orderly and transparent markets.

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