TheSecurities and Exchange Commission has granted T. Rowe Price exemptive relief to issue actively managed ETFs, according to Morningstarreports.

But the SEC ruling, which occurred during the first week of January, has been a long time coming. The Baltimore-based companyoriginally filedfor exemptive relief on Dec. 4, 2009, amending the application on Feb. 26 and Dec. 30 in 2010, and on May 7, Sept. 24, and Dec. 4 in 2012. 

Last month's update revealed that the first active ETF T. Rowe plans on offering will beT. Rowe Price Diversified Bond ETF. It will seek positive total returns with an emphasis on income. A spokesman for the firm was not immediately available to comment on the new fund.

According toMorningstar, T. Rowe's not the only company to win exemptive relief to issue active ETFs, includingEaton Vance,Federated Investors,Legg Mason andNorthern Trust. None of these companies have issued their active ETFs just yet, although Northern Trust currently issues passively managed funds.