Investment Company Act Notice! Columbia ETF Trust I, et al. (Release No. IC-34345; File No. 812-15239)
EDIT: Getting a lot of questions of 'wut mean'. I am not entirely sure and hope Apes with wrinkles can confirm, but to be granted exemptions to the rules I have pulled out, makes it appear Columbia ETF Trust has been given a pass to defraud investors.
Investment Company Act Notice Columbia ETF Trust I, et al. (Release No. IC-34345; File No. 812-15239)
https://www.sec.gov/rules/ic/2021/ic-34345.pdf
SECTIONS EXEMPTIONS REQUESTED AND GRANTED:
The term โredeemable securityโ is defined in Section 2(a)(32) of the Investment Company Act. Mutual funds hold a portfolio of securities, typically managed by an investment adviser. Mutual funds generally offer an unlimited number of their shares to the public on a continuous basis.
Open-end companies (โmutual fundsโ) are management investment companies that offer or have outstanding redeemable securities of which they are the issuers. See Section 5(a)(1) of the Investment Company Act.
Exemption from section 22(d) to permit sales of redeemable securities at prices that reflect sales loads set pursuant to a schedule.
A registered investment company that is the issuer of redeemable securities, a principal underwriter of such securities or a dealer therein shall be exempt from the provisions of section 22(d) to the extent necessary to permit the sale of such securities at prices that reflect scheduled variations in, or elimination of, the sales load. These price schedules may offer such variations in or elimination of the sales load to particular classes of investors or transactions, Provided, That:
(a) The company, the principal underwriter and dealers in the company's shares apply any scheduled variation uniformly to all offerees in the class specified;
(b) The company furnishes to existing shareholders and prospective investors adequate information concerning any scheduled variation, as prescribed in applicable registration statement form requirements;
(c) Before making any new sales load variation available to purchasers of the company's shares, the company revises its prospectus and statement of additional information to describe that new variation; and
(d) The company advises existing shareholders of any new sales load variation within one year of the date when that variation is first made available to purchasers of the company's shares.
Section 22(e) of the Investment Company Act, which prohibits a mutual fund from โpostpon[ing] the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of such security.โ But this section does not require the redeeming shareholder to receive cash.
https://www.sec.gov/rules/final/1968/34-8429.pdf
https://www.keker.com/news/news-items/Section-17-a-of-the-Securities-Act-of-1933-Unanswered-Questions-
Wait, so they have been given the okay to legally be deceitful?
https://www.lw.com/thoughtLeadership/negligent-securities-fraud-enforcement-actions-sections-17-a-2-and-3
Errr, again, exempted to be allowed to do this stuff?
https://www.sec.gov/rules/ic/2021/ic-34345.pdf
https://www.sec.gov/rules/ic/2021/ic-34345.pdf
