The SEC said that revising the requirements of the law to fit all companies--ruling out exemptive relief--was the objective.
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For nearly two decades, ETFs in the U.S. have been held together by a series of private-letter rulings and so-called exemptive relief.
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As a result, new or pending registration statements or applications for exemptive relief will not be processed regardless of the status of any review of those filings.
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