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SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering
December 22, 2020--The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
According to the SEC's complaint, Ripple; Christian Larsen, the company's co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company's current CEO, raised capital to finance the company's business. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services. According to the complaint, in addition to structuring and promoting the XRP sales used to finance the company's business...
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Source: sec.gov
US gives green light to low-cost IPO alternative
December 22, 2020--Companies will soon be able to raise funds through a direct listing on the New York Stock Exchange in order to bypass the high fees paid to Wall Street underwriters as part of a traditional IPO, following a government decision on Tuesday .
The Securities and Exchange Commission gave the green light for so-called primary direct floor listings on the NYSE, against objections from an influential group of investors who tried to thwart this move this September.
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Source: newsbeezer.com
Mutual fund conversions to ETFs pose challenge
December 22, 2020--Complex transitions mean managers have to think every single detail through
Compliance and operations teams in fund houses that are planning to convert mutual funds to ETFs have lots to do to ensure their compliance and operations teams are ready, lawyers say.
Three fund shops have already disclosed plans to convert mutual funds to ETFs, and more are likely coming down the pike. Guinness Atkinson expects to convert two mutual funds to ETFs by the end of the year, and plans to switch a third over soon, too.
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Source: FT.com
Cboe Lists for Trading Four Active Non-Transparent ETFs from Invesco
December 22, 2020--Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced it has listed for trading four active non-transparent ETFs from Invesco Ltd.: the Invesco Focused Discovery Growth ETF (Ticker: IVDG), Invesco Select Growth ETF (Ticker: IVSG), Invesco Real Assets ESG ETF (Ticker: IVRA), and Invesco U.S. Large Cap Core ESG ETF (Ticker: IVLC).
Unlike traditional exchange-traded funds (ETFs) which disclose portfolio holdings on a daily basis, semi-transparent ETFs, also referred to as "non-transparent" ETFs, allow asset managers to deliver their actively managed investment strategies in an ETF vehicle, without the disclosure requirements of traditional ETFs. These ETFs typically enable asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their strategy hidden to protect shareholders.
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Source: cboe.com
SEC Adopts Modernized Marketing Rule for Investment Advisers
December 22, 2020--The Securities and Exchange Commission today announced it had finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors. The amendments create a single rule that replaces the current advertising and cash solicitation rules. The final rule is designed to comprehensively and efficiently regulate investment advisers' marketing communications.
In the decades since the adoption of the current rules, advertising and referral practices have evolved. The technology used for communications has advanced, the expectations of investors seeking advisory services have changed, and the profiles of the investment advisory industry have diversified. The new marketing rule recognizes these changes and the Commission's experience administering the current rules. The reforms will allow advisers to provide investors with useful information as they choose among investment advisers and advisory services, subject to conditions that are reasonably designed to prevent fraud.
Despite the projected recovery, the euro area is expected to suffer permanent output losses from the crisis, with output still well below its pre-crisis path in 2025. Contact-intensive sectors (for example, tourism, and transport) and those required to close during lockdowns, like shops and restaurants, will suffer the most in the near term. The young, the poor, and women have been disproportionately affected.
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Source: SEC.gov
Cboe Lists for Trading Four Active Non-Transparent ETFs from Invesco
December 22, 2020--Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced it has listed for trading four active non-transparent ETFs from Invesco Ltd.: the Invesco Focused Discovery Growth ETF (Ticker: IVDG), Invesco Select Growth ETF (Ticker: IVSG), Invesco Real Assets ESG ETF (Ticker: IVRA), and Invesco U.S. Large Cap Core ESG ETF (Ticker: IVLC).
Unlike traditional exchange-traded funds (ETFs) which disclose portfolio holdings on a daily basis, semi-transparent ETFs, also referred to as "non-transparent" ETFs, allow asset managers to deliver their actively managed investment strategies in an ETF vehicle, without the disclosure requirements of traditional ETFs. These ETFs typically enable asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their strategy hidden to protect shareholders.
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Source: cboe.com
SEC Proposes Amendments to Rule 144 and Form 144
December 22, 2020--The Securities and Exchange Commission today voted to propose an amendment to Rule 144 under the Securities Act of 1933 to revise the holding period determination for securities acquired upon the conversion or exchange of certain "market-adjustable securities."
The proposed amendment is intended to reduce the risk of unregistered distributions in connection with sales of those securities. The Commission also voted to propose amendments to update and simplify the Form 144 filing requirements.
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Source: SEC.gov
First Trust Expands December Target Outcome Series, Introducing Two New Buffer Strategies based on QQQ and EFA- Plus Two Buffer Strategies based on SPY
December 21, 2020--December Series includes: FT Cboe Vest Growth-100 Buffer ETF-December (QDEC) and the FT Cboe Vest International Equity Buffer ETF-December (YDEC), plus FDEC and DDEC (collectively, the "funds")
Upside caps announced for QDEC, YDEC, FDEC and DDEC, all of which seek a balance of upside performance potential with a downside buffer
The funds join First Trust's lineup of successful and fast-growing actively managed Buffer ETFs
First Trust Advisors L.P. ("First Trust”) a leading exchange-traded fund ("ETF”) provider and asset manager, announced today that it has expanded its suite of Target Outcome ETFs(R) with the launch of new Buffer strategies based on QQQ and EFA, as well as new Buffer and Deep Buffer strategies based on SPY.
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Source: First Trust
US urged to adopt automatic enrollment to tackle pension crisis
December 19, 2020--Tens of millions of working Americans could be prevented from spending their old age in poverty, according to a study, if the federal government adopted a national automatic pension registration system.
More than 57 million U.S. employees, nearly half of the country's private sector workforce, do not have access to a workplace retirement savings plan.
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Source: inversezone.com
BlackRock revamps style ETFs with retail investors in mind
December 18, 2020--The nine iShares will switch to new Morningstar indices that will go live in January
BlackRock will revamp a set of iShares Morningstar-backed ETFs to better reflect how retail investors allocate to growth and value stocks.
The move to a new family of more diversified benchmarks from the low-cost index provider could portend a new front in the ETF fee war, one analyst said.Nine iShares ETFs representing about $7bn in assets in March will move their benchmarks from Morningstar's US Style Index family to the new Morningstar Broad Style Index family, BlackRock announced on Tuesday. The Morningstar Broad Style Indexes will go live in January, the announcement states.
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Source: FT.com
