PALM DESERT, Calif. - Federal regulators would “like to codify exemptive relief” from provisions of the Investment Company Act of 1940, in order to be able to focus on the more innovative forms of exchange-traded funds and other investment fund applications in the future, according to Norm Champ, director of the Division of Investment Management at the Securities and Exchange Commission.

This would allow his division, which acts as the “laboratory of the SEC as far as asset management” is concerned, to focus on applications to create “innovative products” as opposed to “plain vanilla products,’’ he said in a panel discussion at the Investment Company Institute’s annual Mutual Fund and Investment Management Conference here.

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