Structured Thoughts: Volume 5, Issue 6 - August 2014

In This Issue:

- European Product Intervention

- FINRA Speaks at 2014 Structured Retail Products Conference

- FINRA Approves Amendments to Communication Rules – Relief from Filing for Certain FWPs

- Investment Funds and Structured Products

- New York Court Endorses Structured Note Risk Factors in Class Action Dismissal

- Excerpt from European Product Intervention:

Under Article 40 of the European Markets in Financial Instruments Regulation (MiFIR), published earlier in 2014, the European Securities and Markets Authority (ESMA) was given powers to temporarily prohibit or restrict the marketing, distribution or sale of certain financial instruments, or financial instruments with certain specified features, or any type of financial activity or practice, in each case subject to the satisfaction of certain conditions.

Extremely similar powers are given to the European Banking Authority (EBA) in respect of structured deposits. A structured deposit is defined as a deposit whose principal balance is repayable at par at maturity, on terms under which interest or premium on the deposit is dependent upon the performance or value of an underlying such as an index, a financial instrument, a commodity or a foreign exchange rate. Structured deposits have been bought within the scope of the MiFID regime for the first time by MiFIR, pursuant to the PRIPS initiative to harmonise the regulation of financial investments having similar economic effects.

Please see full issue below for more information.

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