The SEC is developing a proposal for a rule that would permit ETFs to operate without seeking individual exemptions from the agency, Andrew Donohue, director of the SEC's division of investment management, said in a speech in Washington on Wednesday. As interest in ETFs grows, the SEC has been swamped with exemption requests and has struggled to approve them quickly, Mr. Donohue said.
"The number of new, routine, index-based ETF applications submitted this year has convinced us that there is value in focusing our limited resources on developing a proposal for an ETF exemptive rule," he said.
