According to a recent report by Bloomberg, SEC Chairman Jay Clayton has asked the SEC staff to craft a set of rule changes to streamline the ETF approval process.2 Specifically, Chairman Clayton has reportedly asked the staff to revisit and build upon a set of rule changes originally advanced in 2008 that would have permitted ETFs with certain standard characteristics to enter the market without first obtaining specific exemptive relief, as currently required.3 The 2008 proposal was abandoned in the wake of the global financial crisis.