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Dave Nadig
3:30
Basically, easy to hard.
the idea was that investors could get some sense of how in trouble they might be in a big market event (like Third Avenue's high yield fund, when it imploded).
3:31
What changed today is the SEC is now saying "nope, you don't have to tell EVERYONE, you only have to tell US"
So its not public disclosure anymore, its just SEC reporting
(Funds will have to make a quarterly verbal statement to investors still, but with no numbers).
3:32
The two more left-leaning members of the commission (Stein and Jackson) we're not happy about this fairly last minute change.
It was the most heated part of todays meeting for sure.
The end result is bad (in my opinion) - because i think more data is always beneficial.
3:33
Theoretically, after the SEC monitors the data for a while, we might get disclosure, but that's quite literally now years off.
OK, that's going to wrap it up.
Don't forget to check out our weekly podcast with ETF Prime:
And we'll have more coverage of the SEC rule over the next few days (story should be up shortly on the home page).
Thanks everyone, see you next week!  Same time, same place.
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