Crypto Product News: BTC/ETH ETNs, Custody, Insurance, Tokenized Treasuries - The London Stock Exchange (LSE) recently published a market notice addressing applications for Bitcoin and Ether exchange traded notes (ETNs),...more
On October 28, 2020, the U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, together with the directors of three SEC divisions, issued a joint statement relating to complex financial products. The statement...more
In this issue of Structured Thoughts, we discuss: ..The SEC’s newly released margin rules for security-based swap dealers. ..U.K.’s Financial Conduct Authority consultation on its proposal to ban the sale, marketing, and...more
SEC FINES BROKER-DEALER FOR UNSUITABLE SALES OF LEVERAGED ETNS - In September 2018, the SEC fined a New York-based broker-dealer in connection with unsuitable sales of leveraged ETNs linked to the price of crude oil. ...more
Implementing the DOL Fiduciary Rule - Background - On June 9, 2017, key provisions of the fiduciary rule adopted by the Department of Labor (“DOL”) will become applicable for most broker-dealers, as well as many...more
Structured Products Legal and Regulatory Conference: November 2016 - In November 2016, Morrison & Foerster LLP sponsored Risk magazine’s annual structured products legal and regulatory conference in Washington, D.C. ...more
Structured Products Offerings and Research Reports: Introduction - Structured products are sold by broker-dealers, many of which are affiliates of large investment banks. The equity research group of the same...more
On October 8, 2015, the Securities and Exchange Commission charged an investment adviser and a broker dealer for failing to maintain and enforce polices to prevent misuse of material non-public information. Without admitting...more
Citing significant growth in the size and scope of exchange-traded products (ETPs), on June 12, 2015, the SEC focused its attention on ETPs, including exchange-traded funds (ETFs), non-1940 Act pooled investment vehicles, and...more
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...more
In This Issue: - The SEC Issues Its Long-Awaited Sweep Letter on ETNs - FINRA Proposes Amendments to Communication Rules – Relief from Filing for Certain FWPs - Comprehensive Surveillance Sharing Agreements -...more
In This Issue: Additional SEC Guidance on Estimated Value Disclosures; FINRA to Continue Its Focus on Structured Products; FINRA’s Ketchum Discusses Structured Products; FINRA Issues Q&A Guidance on New Communications...more