Our knowledge of the law governing investment companies dates to 1928, when Stradley Ronon helped establish one of the first mutual funds in the country, the Wellington Fund. Stradley Ronon has a long and rich history of assisting clients with new and innovative investment products as well as in guiding clients through corporate governance, legal and compliance issues, creating and forming funds, and addressing SEC regulatory concerns.
OUR ETF Focus
Stradley Ronon’s top-ranked investment management group regularly advises clients on a wide variety of ETF-related matters, delivering practical solutions to our ETF clients, their sponsors and investment advisers. We provide our clients with experienced guidance to help navigate the complex regulatory and market environments in which ETFs are developed, launched and operated. We also work with boards of directors on all aspects of the establishment and oversight of ETFs.
Stradley Ronon has extensive experience in creating both domestic and internationally focused ETFs, including providing strategic advice on product development and structure. We prepare the full range of documentation required to establish and operate new ETFs, including governance documentation, compliance policies and operational procedures. We also draft and negotiate agreements with U.S. and foreign fund administrators, index providers and other service providers. Stradley Ronon counsels actively managed ETFs as well as ETFs designed to replicate a variety of domestic and foreign securities indexes, including alternative indexes, single-country indexes, and those of broader international sectors and industries.
OUR DIVERSE Capabilities
On behalf of our ETF clients, we routinely:
- Organize and prepare materials for ETF board meetings.
- Consult on a variety of compliance related issues, including preparation of ETF and adviser compliance procedures.
- Negotiate and act as liaison with ETF service providers, such as custodians, fund administrators, transfer agents, distributors and compliance consultants.
- Prepare applications to obtain the necessary regulatory exemptions from the SEC.
- Draft and file SEC registration statements and related documentation.
- Prepare and submit applications for listings on securities exchanges, and advise clients on compliance with the exchanges’ listing requirements and trading rules.
- Interact with the Financial Industry Regulatory Authority (FINRA) with respect to ETF marketing and advertising materials.
- Assist with SEC inquiries and examinations.
- Coordinate with foreign legal professionals and service providers for compliance with international securities laws, regulations and tax requirements.
In counseling our ETF clients, we regularly collaborate with other Stradley Ronon attorneys who focus on taxation, structuring and documenting derivatives transactions, and intellectual property and licensing matters. In addition, we assist ETF advisers with SEC regulatory filings and corporate structuring.
We also advise our open-end and unregistered investment company clients on a number of issues related to investing in ETFs, including board of directors’ oversight, disclosure and operational matters.