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“Principal protected:” fair, clear, and not misleading? UK guidance on promotions of structured products
- Morrison & Foerster LLP
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- United Kingdom
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- July 14 2011
In the UK, Rule 4.2.1 of the FSA’s Conduct of Business Sourcebook (“COBS”) provides that a firm must ensure that a communication or a financial promotion within the scope of that Rule is fair, clear and not misleading
The approach to developing common suitability standards for the sale of complex financial products: an industry view
- Morrison & Foerster LLP
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- European Union, Global
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- July 14 2011
Following the demise of Lehman Brothers, concerns arose globally relating to the suitability and business conduct standards employed in the sales of financial products, and in June 2009 the Technical Committee of International Organization of Securities Commissions (“IOSCO”) announced that it had mandated a standing committee (“TCSC3”) to review the suitability obligations that relate to intermediaries’ distribution to investors of complex financial products
UIT basics
- Morrison & Foerster LLP
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- USA
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- July 14 2011
A unit investment trust, which is a type of registered investment company under the Investment Company Act of 1940 (the 1940 Act), may be used as a means of offering structured investments
The freezer: holding structured products in inventory
- Morrison & Foerster LLP
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- USA
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- July 7 2011
Clients frequently ask us whether they, as underwriters, can take structured notes that are being offered by them and hold them in inventory, or in the “freezer,” and resell the securities at a later time
CRD3 changes to trading book, re-securitisations and securitisations disclosure
- Morrison & Foerster LLP
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- European Union
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- December 23 2010
On 14 December 2010, the final text of the Directive amending the Capital Requirement Directive ("CRD") as regards capital requirements for the trading book and for re-securitisations and the supervisory review of remuneration policies (known as "CRD3") was published in the Official Journal of the European Union ("EU"
EU Commission’s further consultation on PRIPs
- Morrison & Foerster LLP
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- European Union
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- December 17 2010
As part of the long, ongoing process of seeking to promote a more consistent approach in the regulation of structured retail financial products, on 26 November 2010, the EU Commission published its consultation paper (the "Consultation Paper") on legislative steps for packaged retail investment products ("PRIPs"
CESR public consultation relating to application of the Mifid appropriateness test to certain structured products
- Morrison & Foerster LLP
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- European Union
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- March 29 2010
The Markets in Financial Instruments Directive consists of the Directive 200439EC of 21st April 2004 on markets in financial instruments ("Mifid Level 1 Directive" or "Mifid L1"), together with the implementing Directive 200673EC of 10th August 2006 as regards organisational requirements and operating conditions for investment firms and defined terms ("Mifid Level 2 Directive" or "Mifid L2") and the implementing Regulation (EC) No 12872006 of 10th August 2006 as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading and defined terms (the "Mifid Level 2 Regulation"
An update on the EU actions on PRIPs
- Morrison & Foerster LLP
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- European Union
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- February 10 2010
In the year since the Lehman failure, we have seen quite a number of regulatory initiatives relating to structured product sales in the EU and in Asia
Current Search
- Firm Name - Morrison & Foerster LLP
- Author - Peter Green
- Workarea - Securitization & Structured Finance