Davis Polk partner Chris Schell was quoted in Bloomberg on the recent wave of proposed ETFs targeting non-U.S. companies. The funds would offer exposure to individual foreign shares and would potentially not have to meet the same financial reporting standards at U.S.-listed companies. Chris noted that regulators “would be concerned about whether there was sufficient disclosure about the underlying company to U.S. investors” and that “the SEC would review any ETF like that quite carefully.”

Wall Street Rush Into Single-Stock ETFs Takes Risky Foreign Turn,” Bloomberg (September 17, 2022) (subscription required)