VanEck, the New York-based asset management firm, is once again forced to wait for the U.S Securities and Exchange Commission (SEC) to rule on its latestexchange-traded fund (ETF) application.
Van Eck, which has over $65 billion in assets under management, submitted its latest spotapplication on June 24, with the previous deadline for the regulator’s decision expiring on August 27.
If approved, VanEck’s product would trade on the Cboe BZX Exchange.
In an August 24 filing, the SEC said it was extending the decision on VanEck’s application by another 45-day period, until October 11, when the regulator would “either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
According to the SEC, “the Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The agency also said that it “has received no comments on the proposed rule change” since calling for feedback on July 13th