Products July 6, 2017

Investment Products and Service Launches

BlackRock Moves Listing Venue for 50 iShares ETFs; Nuveen Enters Closed End Fund Merger.
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BlackRock Moves Listing Venue for 50 iShares ETFs

BlackRock announced it will transition the primary listing venue for 50 iShares exchange-traded funds (ETFs) to Bats Global Markets, the global stock exchange operator based in Lenexa, Kansas.

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“As we have stated previously, diversification is an important element of iShares listing strategy,” explains Samara Cohen, Americas head of iShares capital markets at BlackRock. “A thriving market for ETFs requires a robust, resilient ecosystem, with multiple participants committed to continuous innovation and improving the client experience.”

BlackRock says it maintains strong relationships with all major exchanges, and its “applauds NYSE ARCA, BATS and Nasdaq for their ongoing work to improve trading during all market conditions.”

The funds are scheduled to move on or about August 1, 2017.

For more information, visit BlackRock.com.

NEXT: Nuveen Enters Closed End Fund Merger

Nuveen Enters Closed End Fund Merger

Shareholders of the Diversified Real Asset Income Fund have approved the fund’s reorganization with and into the Nuveen Real Asset Income and Growth Fund.

Subject to the satisfaction of certain customary closing conditions, the reorganization is expected to become effective immediately before the open of business on September 11, 2017.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

Compliance July 6, 2017

IRS Makes Effort to Encourage Use of Pre-Approved Plans

The agency has made changes to its opinion letter program for pre-approved retirement plans.
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The Internal Revenue Service (IRS) has issued Revenue Procedure 2017-41, which sets forth the procedures for issuing opinion letters regarding the qualification in form of pre-approved plans under Sections 401, 403(a), and 4975(e)(7) of the Internal Revenue Code. 

In addition, the revenue procedure modifies the IRS pre-approved letter program by combining the master and prototype (M&P) and volume submitter (VS) programs into a new opinion letter program. It also modifies the on-cycle submission period for the third six-year remedial amendment cycle for providers of pre-approved defined contribution (DC) plans so that it begins on October 2, 2017, and ends on October 1, 2018. 

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The IRS says it is modifying its historic approach to pre-approved plans in order to expand the provider market and encourage employers that currently maintain individually designed plans to convert to the pre-approved format.

In addition to the program being simplified by eliminating the distinction between M&P and VS plans, the program is liberalized by increasing the types of plans eligible for pre-approved status, the IRS says. The program is revised to afford greater flexibility in the design of pre-approved plans.

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