Patience, perhaps, can be a virtue.
T. Rowe Price
has finally received approval
from the SEC to launch actively managed ETFs.
It was a long regulatory road for them to travel. The firm first filed an application on December 4, 2009, and then amended it on February 26, 2010, December 30, 2010, May 7, 2012, September 24, 2012, and finally on December 4, 2012
The SEC order allows T. Rowe to do the following:
(a) actively managed series of certain open-end management investment companies to issue shares (“Shares”) redeemable in large aggregations only (“Creation Units”); (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares; and (f) certain series to perform creations and redemptions of Shares in-kind in a master-feeder structure.
More of the SEC order can be found here
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