By Stacy Fuller, Franklin Na and Alyssa King (August 2, 2018, 3:46 PM EDT) -- On June 28, 2018, at an open meeting of the U.S. Securities and Exchange Commission, the commissioners unanimously approved the proposal of Rule 6c-11 under the Investment Company Act of 1940, as amended.[1] Rule 6c-11 would allow the "vast majority" of exchange-traded funds, or ETFs, to operate without first obtaining an exemptive order from the commission.[2] All five commissioners voted for issuance of the proposed rule — with Commissioners Michael Piwowar and Hester Peirce going so far as to congratulate the SEC staff for taking (what Peirce referred to as) this "long overdue" step with respect to the "innovation" that ETFs represent for investors. In connection with the proposed rule, the commission also proposed to rescind certain previously issued exemptive orders and to make certain amendments to Form N-1A, Form N-8B-2 and Form N-CEN....
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