In this issue of Structured Thoughts, we discuss:
..European Commission consultation on EU benchmark regulation
..FINRA: Suitability and sales practices remain an issue
..SEC charges Switzerland-based dealer for selling...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
In this issue of Structured Thoughts, we discuss:
..New Regulation Best Interest, and its impact on the structured products market.
..The SEC’ June 2019 request for comment on simplifying, harmonizing and improving the...more
UK FINANCIAL CONDUCT AUTHORITY CALLS FOR INPUT ON PRIIPS -
On July 26, 2018, the Financial Conduct Authority (FCA) of the United Kingdom issued a Call for Input in relation to the Packaged Retail and Insurance-based...more
FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES -
In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more
4/17/2018
/ Bail-In Provisions ,
Canada ,
Cryptocurrency ,
Deadlines ,
Dividends ,
European Securities and Markets Authority (ESMA) ,
False Claims Act (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Investors ,
IRS ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products ,
Withholding Requirements
This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more
In a series of three “no-action” letters, the staff of the Securities and Exchange Commission (SEC) published guidance to address concerns by U.S. broker-dealers and investment advisers about how to comply with Markets in...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
SEC Rolls Out “POSITIER” -
The SEC’s Office of the Investor Advocate used a recent March 9, 2017 open meeting and related “Evidence Summit” to announce its new investor research initiative, “POSITIER.”1 This new acronym...more
4/14/2017
/ Banking Sector ,
Banks ,
Canada ,
EU ,
European Commission ,
Financial Industry Regulatory Authority (FINRA) ,
Hyperlink ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
RTS ,
Securities and Exchange Commission (SEC) ,
Securities Settlement Cycles ,
XBRL Filing Requirements
FDIC Adopts New Recordkeeping Requirements for Large Banks – Modifies Original Proposal as to Brokered CDs -
In November 2016, the FDIC approved a final rule establishing recordkeeping requirements for insured...more
12/13/2016
/ Banks ,
Big Data ,
Department of Labor (DOL) ,
EU ,
FDIC ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Fixed Income Investments ,
IRS ,
MREL ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
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
ESMA Final Report on Complex Debt Instruments and Structured Deposits -
On 26 November 2015, the European Securities and Markets Authority (“ESMA”) published its Final Report on its “Guidelines on complex debt...more
12/15/2015
/ Banking Sector ,
Department of Labor (DOL) ,
Derivatives ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Exchange-Traded Products ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
MiFID II ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Structured Finance
OCIE Issues Risk Alert Relating to Structured Note Sales -
Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) indicated branch offices and structured products as two of its...more
9/1/2015
/ Broker-Dealer ,
Compensation Standards ,
Derivatives ,
EDGAR ,
Endangered Species Act (ESA) ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Internal Communications ,
IRS ,
Loss Contingencies ,
NASD ,
OCIE ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Structured Finance ,
Training ,
UK ,
Underwriting
In This Issue:
- The National Senior Investor Initiative
- SEC Commissioner Addresses Structured Notes
- The SEC Defines “Voting Equity Securities” Under the Rule 506(d) Bad Actor Disqualification...more
In This Issue:
- FCA Publishes Thematic Review on Structured Product Development and Governance
- EU Commission Review of Prospectus Directive
- SEC Issues Investor Bulletin Relating to Structured Notes
-...more
In This Issue:
- Key Regulators Speak at Structured Products Conference
- FINRA Shows Its CARDS; It Will Use Big Data to Review Suitability of Complex Products Sales
- FINRA’s Proposed Bond Mark-up...more
12/2/2014
/ Advertising ,
Big Data ,
Broker-Dealer ,
CARDS ,
Disclosure Requirements ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products
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:
- No More KIDding Around: European Parliament Approves PRIIPs Regulation
- FINRA Amends Rule 5110 to Exempt Certain Collective Investment Vehicles from Its Filing Requirements
- The Time for the...more
In This Issue:
- The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18
- Structured CDs – Goodbye Regulation DD, Hello Regulation DD
- FCA Issues Fine in Relation to Structured Product...more
6/26/2014
/ Banks ,
Disclosure Requirements ,
EDGAR ,
European Securities and Markets Authority (ESMA) ,
Financial Products ,
Initial Public Offering (IPO) ,
Morgan Stanley ,
Public Disclosure ,
Regulation D ,
Securities ,
Securities and Exchange Commission (SEC) ,
Truth in Savings Act
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
In This Issue:
“Structured Products, Meet the Volcker Rule”: The New Limitations on Proprietary Trading; SEC and FINRA Personnel Speak at Structured Products Conference; FINRA’s Annual Regulatory and Examination...more
In This Issue:
Launching an Exempt Structured Products Program in the United States: Issues for Non-U.S. Banks to Consider; “Big-Boy Letters” Revisited: Pharos Decision Upheld by the Sixth Circuit.; SEC Addresses...more
12/3/2013
/ Banks ,
Big-Boy Letters ,
CPO ,
Disclosure Requirements ,
Dodd-Frank ,
EMIR ,
EU ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Banks ,
LinkedIn ,
MiFID ,
Misrepresentation ,
Nasdaq ,
OCC ,
Regulation D ,
Rule 144A ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
In This Issue:
UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more