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Rating:The SEC Smiles On Faust's Exchange-Traded Next Step Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 07, 2014

The SEC Smiles On Faust's Exchange-Traded Next Step

News summary by MFWire's editors

It looks like Tom Faust and his team will get the chance to offer their next-generation mutual fund product structure to the world.

Yesterday the Securities and Exchange Commission (SEC) revealed that, unless the commission orders a hearing, the regulatory agency is poised to grant Eaton Vance's [profile] exemptive relief request to launch "exchange-traded managed funds" [see the SEC's notice]. The brand, Faust reveals, will be NextShares. He has 18 ETMFs ready to go, all designed to trade in real time like an ETF but without an ETF's usual requirement of disclosing holdings daily.

The Financial Times, InvestmentNews, Reuters and the Wall Street Journal all covered the news.

Yet Faust can't launch the NextShares just yet. The SEC would also have to approve NASDAQ's proposed rule governing the listing and trading of the ETMFs. The SEC would have to approve registration statements for the specific funds. And the commission also could order a hearing on the ETMFs -- anyone who wants to talk to the commission about Eaton Vance's idea has to speak up by December 1.

Eaton Vance first filed for the ETMFs in March 2013, and they want other fundsters to launch ETMFs, too. Eaton Vance affiliate Navigate Fund Solutions holds the intellectual property related to the ETMFs, intellectual property that Eaton Vance has asked for permission to license to others. 

Edited by: Neil Anderson, Managing Editor


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