Impact of the Volcker Rule on ETFs and Authorized Participants Roundtable

Participants joined us for a networking breakfast and roundtable to discuss the impact of the Volcker Rule on ETFs and Authorized Participants.

Discussion topics included:

• The Volcker Rule prohibition on proprietary trading and an overview of AP trading activities
•  The Volcker Rule’s market-making and underwriting exemptions
• Volcker Rule status of ETFs
• Impact on initial seeding of ETFs
• Differing Volcker Rule treatment of ETFs and other ETPs
• Compliance requirements under the Volcker Rule
• Underwriter liability and risk mitigation procedures