News & Analysis as of

Complex Financial Products

Dorsey & Whitney LLP

Complex Products: In Need of A Solution

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​​​​​​​Complex financial products continue to present difficult issues for the Commission. In many instances the products involved are so complex that is may be questionable if any amount of policies, procedures and...more

K&L Gates LLP

FINRA Considers Limiting Self-Directed Investors' Ability to Invest in Certain Exchange-Traded Funds, Mutual Funds and Closed-End...

K&L Gates LLP on

On 8 March 2022, the Financial Industry Regulatory Authority, Inc. (FINRA) issued Notice to Members No. 22-08 (NtM 22-08) to “remind members of their sales practice obligations” for complex products and options and to...more

BCLP

FINRA Requests Information from Member Firms Related to the Sale of Complex Products by May 9, 2022

BCLP on

FINRA’s Request for Comments - Based on concerns regarding complex products as expressed in Regulatory Notice 22-08, FINRA is seeking comments from member firms by May 9, 2022, including, how firms identify complex...more

Faegre Drinker Biddle & Reath LLP

Exam Time: FINRA Releases its 2022 Report on its Examination and Risk Monitoring Program

A common phrase to abide by in the New Year is “out with the old, in with the new.” FINRA’s 2022 Report on its Examination and Risk Monitoring Program (the “Report”), however, contains a combination of old and new priorities....more

Dorsey & Whitney LLP

Complex Products: Are They Investments?

Dorsey & Whitney LLP on

Earlier this month the Commission approved two new complex financial products. Despite the approval, the new products sparked comments from Chair Gensler and, in a separate but joint statement, Commissioners Allison Herren...more

Morrison & Foerster LLP

SEC Continues Enforcement Actions Relating to Complex Exchange-Traded Products - Structured Thoughts

Morrison & Foerster LLP on

On November 13, 2020, the SEC announced that it had settled actions against several investment advisory firms and firms dually-registered as broker-dealers and investment advisers. These actions relate to unsuitable sales of...more

NAM (National Arbitration and Mediation)

Resolving Financial Disputes Through Mediation: A Case Study from the Perspective of In-House Counsel

Imagine you work as “in-house” counsel at an investment bank.  Your principal role is to advise your clients (typically sales personnel, product structurers and traders) about the various legal, regulatory and compliance...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2019: Online Platform Guidelines with Respect to Distribution of Financial...

Dechert LLP on

The Guidelines on Online Distribution and Advisory Platforms (Guidelines) issued by the Hong Kong Securities and Futures Commission (SFC) will become effective on 6 July 2019. With the recent expansion of various online...more

Miller Canfield

Commercial Real Estate Market Projections, Influences, and Disrupters in 2019

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Miller Canfield participated in the Commercial Real Estate Finance Council (CREFC) Winter Conference in Miami in January 2019. The conference offers a candid insider’s view that looks both backward and forward and has proven...more

Dechert LLP

SEC Proposes Changes to Regulatory Framework of Fund of Funds Arrangements and Requests Comments on Potential Changes to AFFE...

Dechert LLP on

The Securities and Exchange Commission voted on December 19, 2018 to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more

Carlton Fields

Illinois Legislation Revises Laws Applicable to Captive Insurance Companies

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Illinois has adopted a bill that includes a number of revisions to its laws regarding captive insurance companies. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Opportunity Zone Funds Offer New Tax Incentive for Long-Term Investment in Low-Income Communities

The Tax Cuts and Jobs Act enacted in late December 2017 created a new capital gains exemption for taxpayers who make long-term investments in low-income communities that have been designated by the Treasury Department as...more

Carlton Fields

Kansas Enacts Captive Insurance Act

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On April 12, 2018, Kansas Governor Jeff Colyer signed into law SB 410– a bill establishing the Captive Insurance Act, which creates two new types of captives – branch and special purpose – and specifies the regulatory...more

Vedder Price

Highlights From SEC Speaks 2018: Litigation and Enforcement Trends

Vedder Price on

The U.S. Securities and Exchange Commission (“SEC” or the “Commission”) held its annual SEC Speaks conference in Washington, DC on February 23 and 24, 2018 and provided remarks from the Chairman and commissioners, discussions...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2017: Hong Kong Consultation on Guidelines on Online Distribution and...

Dechert LLP on

The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...more

Wilson Sonsini Goodrich & Rosati

The Unwind: ‘I Don’t Want It’

In the inaugural column of ‘‘Power and Taxes,’’ we discussed the tensions surrounding the requirement that an investor be an owner when a project is placed in service in order to qualify for the investment tax credit under...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: News for the financial services community, Volume 7, Issue 7

Financing Subsidiaries and SEC Registration - As readers of this publication know, in order to address the expected new U.S. regulatory capital requirements, a number of U.S. bank holding companies have been creating new...more

Burr & Forman

Aging Boomers, Low Yields Lead Regulators to Warn on Complex Products

Burr & Forman on

The “boomer bulge” in the US aging demographic, combined with a persistent low-interest-rate environment, leads regulators to renew their warnings about retail sales of complex investment products to older investors....more

Morrison & Foerster LLP

Difficulty in Understanding? ESMA Consultation Paper on Complex Debt Instruments and Structured Deposits

On 24 March 2015, the European Securities and Markets Authority (ESMA) published a Consultation Paper setting out draft guidelines on complex debt instruments and structured deposits. Background - The...more

Carlton Fields

State Regulators Eye Complex Products Marketing

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Joseph P. Borg, Director of the Alabama Securities Commission, and James R. Mumford, First Deputy Insurance Commissioner in Iowa, raised state securities and insurance regulatory concerns at this summer’s Insured Retirement...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: Volume 5, Issue 2 - February 20, 2014

In This Issue: Opinions and Warnings – ESMA’s Views on Complex Products; SEC Releases Draft Strategic Plan; Distributing Structured Notes from a Regulation S Platform; and Non-U.S. Equity Underliers and Exchange Rate...more

K&L Gates LLP

Complex Financial Products – International Support for yet More Investor Protection

K&L Gates LLP on

The International Organisation of Securities Commissions (IOSCO) has recently released its final report on "Suitability Requirements with respect to the Distribution of Complex Financial Products" (Report), which outlines the...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions - January 31, 2013

Foley & Lardner LLP on

In This Issue: Non-Enforcement Matters - FINRA Announces Regulatory and Examination Priorities for 2013 - SEC Previous Hedge Fund Enforcement Trends for 2013 Enforcement Matters - Another...more

Orrick - Finance 20/20

International Organization of Securities Commissions: Report on the Distribution of Complex Financial Products

Orrick - Finance 20/20 on

On January 21, the International Organization of Securities Commissions (IOSCO) published its final report on the suitability requirements for the distribution by intermediaries of complex financial products to both retail...more

Morrison & Foerster LLP

Structured Thoughts -- Volume 4, Issue 2 -- January 24, 2013: IOSCO Publishes Suitability Requirements for Distribution of Complex...

On January 21, 2013, the International Organization of Securities Commissions (IOSCO), of which the Financial Industry Regulatory Authority, Inc. is an affiliate member, published its final report on Suitability Requirements...more

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