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
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,
Schapiro has been replaced as
chairman by SEC Commissioner Elisse Walter.