Robinhod applied to SEC for an exemption from employee securities and set up an employee investment fund

On 17 July, Robinhood submitted an application to the United States Securities and Exchange Commission (SEC) to operate the partnership as an “employee securities firm” and to establish an employee fund (Robinhood Employee Fund). The Fund aims to provide diversified investment opportunities for qualified employees, directors and affiliates, including securities, derivatives and alternative assets, to help companies recruit and retain talent. Its application sought an exemption from most of the provisions of the Companies in Investments Act 1940, but still required compliance with core provisions such as anti-fraud, reporting and compliance。