In testimony before a Senate subcommittee, the SEC’s Director of the Division of Investment Management, Eileen Rominger, indicated that the SEC will continue to defer approval of ETFs utilizing derivatives and has commenced a general review of exchange-traded products.  Ms.. Rominger said that the SEC will not issue any exemptive order for ETFs “seeking to make significant use of derivatives” until it concludes its broader review of funds’ use of derivatives.  The comment period for the outstanding concept release expires November 7.  Also, Ms. Rominger said that SEC staff “across multiple Divisions and Offices” is “currently engaged in a general review” of exchange-traded products including ETFs.  According to Ms. Rominger, the SEC is reviewing disclosure, liquidity, valuation, and market volatility.