ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals 📜
ETF issuers have penned a letter to the U.S. Securities and Exchange Commission (SEC), urging the organization to revert to its "first-to-file" methodology for exchange-traded fund approvals. They argue that the current practice of abandoning this long-standing method stifles innovation among issuers and, conversely, rewards lazy behavior in the application process.
The issuers believe that reinstating the "first-to-file" approach will stimulate creativity and competition, as well as ensure a fairer process for the market participants. This appeal comes as the ETF industry continues to evolve and expand rapidly.
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