SEC writes to banks on ETN concerns

Banks requested by SEC to revamp investor message on ETNs


The US Securities and Exchange Commission (SEC) is calling on banks to revamp what they tell investors about their exchange-traded notes (ETNs) and asking them pointed questions about how they sell, lend and redeem the products, in a confidential letter sent earlier this month to participants in the $22 billion ETN industry.

The SEC is giving banks 10 business days to respond to comments that probe how ETNs are bought and sold and give banks guidance on how they should inform investors about top

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