In This Issue:

- The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18

- Structured CDs – Goodbye Regulation DD, Hello Regulation DD

- FCA Issues Fine in Relation to Structured Product Transaction

- ESMA Opinion on Good Practices for Product Governance Arrangements in Relation to Structured Retail Products

- Joint Forum Endorses the K.I.S.S. Method in Point of Sale Disclosures

- Excerpt from The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18:

Introduction:

The “Morgan Stanley” letter provides the securities law disclosure guidance for most issuances of equity-linked registered structured notes in the U.S. market. Its provisions are often consulted in considering the permissibility of registered notes linked to a single stock, a basket of two or more stocks, and even equity indices.