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