SEC Issues Order Granting Limited Exemptions from Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M (Fed. Reg.)

Subject to certain conditions, the SEC granted exemptions from Exchange Act Rule 10b-17 ("Untimely Announcements of Record Dates") and Rules 101 and 102 of Regulation M to First Trust Dorsey Wright International Focus 5 ETF (the "Fund"), which is an "ETF of ETFs." The SEC stated that the Fund is a registered open-end management company that will redeem "Creation Units" of the Fund continuously at net asset value ("NAV"), that there will be a close alignment between the market price of shares issued by the Fund and the Fund's NAV, and that information regarding pending distributions will be provided to market participants.

See: 79 FR 43799.