In remarks made at the Reuters Global Wealth Management Summit on June 6, 2013, SEC Investment Management Division director Norm Champ said that the SEC will consider a proposal this year which would allow staff to establish guidelines for issuing exemptive relief for “plain vanilla” ETFs. According to news reports, Champ declined to discuss details of the proposed guidelines, including what might constitute a “plain-vanilla” ETF, though he would not rule out the possibility that some actively managed ETFs might qualify The SEC currently gives new ETFs exemptive relief on a case-by-case basis. Champ noted that these reviews take up a significant portion of SEC staff time that could be better used on other matters.