In This Issue:

- Index Changes and Successor Indices: Avoiding Delisting From The NYSE Arca

- EU PRIIPS Regulation Expected to Come Into Force

- UK Review of the Fixed Income, Currency and Commodities (FICC) Markets

- FINRA and the SEC Focus on Structured Products and Alternative Funds at Complex Products Industry Forum

- Referral Fees and Sharing Commissions in Structured Note Sales

- Conference: Structured Products Europe 2014

- Seminar: Master Class: ETNs

- Excerpt from Index Changes and Successor Indices: Avoiding Delisting From The NYSE Arca:

Down deep, somewhere in the boilerplate in the back of a prospectus for an index-linked note, you can find the provisions for index adjustments and successor indices. These standard provisions are sometimes given only a cursory glance when drafting a disclosure document. Index changes or discontinuances are rare, and even more rarely occupy much real estate in the mind of the draftsperson. There may be a rude awakening in store, however, for that inattentive draftsperson if the note is listed on the NYSE Arca.

Index Changes and Substitutions -

What happens if the index sponsor makes a material change to the underlying index, or if the underlying index is no longer published and has to be replaced? In the event of a material change to the index that, in the opinion of the note calculation agent, causes the underlying index to no longer fairly represent the level that the index would have had if that change had not been made, most structured notes provide that the note calculation agent will make adjustments, in its discretion, to determine the level of the index. These adjustments are intended to adjust the closing level of the revised index as if the modifications to the index had not been made.