SEC lifts ban on use of derivatives by actively managed exchange traded funds *

USA - December 11 2012
Nearly three years after the U.S. Securities and Exchange Commission ("SEC") effectively froze the creation of actively managed and leveraged exchange traded funds ("ETFs") that utilize options, futures, swaps, and other derivatives as part of their investment strategies, the SEC has lifted the moratorium on the use of derivatives by actively managed funds while continuing to restrict the use of derivatives by leveraged ETFs.

Co-authors: David M. Mahle, Jayant W. Tambe, Lee Ann Russo .

FINRA issues investor alert regarding risks of exchange-traded notes *

USA - July 23 2012
Continuing the trend of increased scrutiny of exchange-traded products ("ETPs"), the Financial Industry Regulatory Authority ("FINRA") issued an Investor Alert on July 10, 2012 titled "Exchange-Traded Notes—Avoid Unpleasant Surprises" (the "July 10 Alert").

Co-authors: David M. Mahle, Jayant W. Tambe, Lee Ann Russo .