SEC Grants Exemptive Relief to ETF from Tender Offer Rules

The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an exchange-traded fund ("ETF") from requirements under SEA Rule 14e-5 ("Prohibiting Purchases outside of a Tender Offer"), subject to certain conditions. The SEC granted substantially similar relief to an ETF on August 23, 2017 (see previous coverage).