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Bloomberg reported on Jan. 5 that the U.S. Securities and Exchange Commission (SEC) has told several ETF participants to submit updated filings.

According to four of Bloomberg’s sources, the SEC has instructed exchanges and issuers to submit final versions of 19b-4 filings as soon as Friday.

Two of Bloomberg’s sources added that SEC staff had no more feedback on some of those filings after the latest amendments, though it is unclear whether this statement applies to filings submitted today or to versions previously submitted.

Those 19b-4 filings outline rule changes allowing exchanges including Nasdaq, NYSE Arca, and Cboe BZX to list and trade ETFs that gain approval.

Other reporters, including TechCrunch’s Jacquelyn Melinek and FOX Business’ Eleanor Terrett, suggested today that exchanges might submit updated 19b-4 filings on Friday or on Monday. It does not appear that any updates have been submitted.

S-1 filings also await approval

Bloomberg added that the SEC must still sign off on final S-1 prospectuses, which describe the ETFs rather than exchange rule changes. Applicants submitted S-1 amendments in the days and weeks leading up to a Dec. 29 deadline.

Bloomberg ETF analyst Eric Balchunas, though not named as an author in Bloomberg’s latest article, commented on the timeline for those filings. Balchunas wrote in an X post on Jan. 5 that applicants’ final S-1s are due on Monday morning and that the SEC is “trying to line everyone up for [a] Jan. 11th launch.”

Bloomberg suggested a similar timeline for exchange rule votes. One of its sources said that SEC commissioners are expected to vote on exchange rules next week and that ETFs could launch as early as one day after that vote.

The SEC is specifically required to approve or reject an application from Ark Invest and 21 Shares on Jan. 10. If the agency chooses to approve Ark’s ETF, it may approve various other applications simultaneously.

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