Structured Thoughts -- Volume 4, Issue 6 -- April 26, 2013

In This Issue:

FINRA Issues Guidance on Backtested Performance Data; FINRA’s Ketchum Discusses Structured Products; and Update Regarding TRACE and Rule 144A Securities.

Excerpt from FINRA Issues Guidance on Backtested Performance Data -


Issuers of structured products that reference indices with limited histories often present in their offering documents hypothetical historical data. This “backtested” data is created by applying the index methodology to past historical prices or levels for the index’s constituents. Many view it as particularly useful in the context of proprietary indices, in order to help explain their potential performance in different market conditions.

Please see full issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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