SEC rules against non-transparent active ETFs

Regulator blocks BlackRock and Precidian's request in landmark ruling

Securities and Exchange Commission headquarters

The US Securities and Exchange Commission (SEC) has denied requests from New Jersey-based exchange-traded fund (ETF) provider Precidian and New York-based asset manager BlackRock that sought to exempt new actively managed ETFs from daily portfolio transparency rules.

Under current rules, all ETFs are required to disclose their underlying holdings on a daily basis. In September 2011 BlackRock asked for an exemption from this ruling so that it could operate actively managed ETFs without revealing

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