NEW YORK The resignation of Mary Schapiro as chairman of the U.S. Securities and Exchange Commission this past week could have interesting consequences for the regulators decision on the proposed BlackRock Inc. physical copper exchange-traded fund (ETF).
Schapiro was one of a four-person group that voted to approve JPMorgan Chase & Co.s physical copper ETF on Dec. 14, one of her final acts before stepping down (amm.com, Dec. 17).
If the group didnt vote unanimously, her removal from the decision-making process on the proposed BlackRock product could potentially swing the voteto be made by the three remaining membersin another direction.
The lawyer representing a consortium of copper consumers and a metals-focused hedge fund opposed to the ETFs has requested the JPMorgan vote result under the Freedom of Information Act.
Robert Bernstein, a partner at New York law firm Eaton & Van Winkle LLP, which represents the copper consumers, said the fate of the BlackRock ETF now rests in the hands of three people.
The consortium includes Southwire Co., Carrollton, Ga.; Encore Wire Corp., McKinney, Texas; London-based Luvata UK Ltd.; AmRod Corp., Newark, N.J.; and metals-focused hedge fund RK Capital Management LLC, London.
Schapiro has been replaced as chairman by SEC Commissioner Elisse Walter.