United States:
SEC Grants Exemptive Relief To Five Actively Managed Etfs From Tender Offer Rules
17 December 2019
Cadwalader, Wickersham & Taft LLP
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The SEC Division of Corporation Finance Office of Mergers and
Acquisitions granted no-action relief to five actively
managed exchange-traded funds ("ETFs") from requirements
under SEA Rule 14e-5 ("Prohibiting Purchases
outside of a Tender Offer"), subject to specified
conditions.
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