Below you will find the archived issues of Mayer Brown’s structured and market-linked products-focused newsletter, REVERSEinquiries.
For access to resources relating to structured products, see our dedicated Structured Products Legal and Regulatory Materials page.
Learn more about our Structured Products Practice.
January 19, 2021 | In this issue: A Brief Reprieve on LIBOR Cessation; Major Indices Expel Some Chinese Companies in Response to Executive Order; Holders of Structured Notes Linked to Banned Chinese Stocks Will Have to Divest; The Department of Labor’s ESG-less Final ESG Rule; and Refresher: Determining the Initial Level After Pricing.
November 9, 2020 | In this issue: Can the SEC protect investors from themselves?; Regulation S-K Transitional FAQs; FINRA Proposes a Retail Communication Filing Requirement for Private Placements; ARRC Provides Recommendations to US Prudential Banking Regulators to Facilitate USD LIBOR Transition to SOFR; US Bank Regulators Finalize Net Stable Funding Ratio Rule; Exempt Offering Framework Amendments; LIBOR Transition Assistance Legislation Introduced a New York State Senate; FINRA Study on Overconfidence and Excessive Risk Taking Among Older Investors; FINRA Proposes Amendments to Affecting Seniors; and SEC Charges Senior Index Manager for Insider Trading.
September 24, 2020 | In this issue: Accredited Investor Definition Expanded; SEC Amends Requirements for Statistical Disclosures for Bank and Savings and Loan Registrants, Formerly Guide 3; Regulation S-K Amendments Affect Risk Factors; Additional Guidance on Regulation Best Interest; and Refresher: Index License Agreements.
July 21, 2020 | In this issue: US Agencies Finalize Revisions to Volcker Rule Covered Funds Provisions; Consent Solicitations: Challenging Orthodoxies; New FINRA Notice Addresses Retail Communications in Private Offerings; Volatility-Linked Exchange Traded Products Disclosure Requirements-Recent Affirmation; US FFIEC Issues Joint Statement on Managing the LIBOR Transition; and SEC’s OCIE to Begin LIBOR Preparedness Exams.
June 25, 2020 | In this issue: Regulation Best Interest and Form CRS Compliance Date: June 30, 2020; FINRA Rules Amended to Conform to Reg BI; ARRC: LIBOR Hard Stop by December 31, 2020; FINRA Report on Artificial Intelligence in the Securities Industry; FINRA Fines a Broker-Dealer for Violations Involving Early Rollovers of UITs; and SEC’s OCIE to Begin LIBOR Preparedness Exams.
May 28, 2020 | In this issue: FINRA Reminds Dealers about Sales Obligations Relating to Oil-linked ETPs; The ARRC Releases a New Sample Termsheet for SOFR Index and Follows Up on Its Spread Adjustment Consultation; FINRA Identifies Common Firm Practices in Preparing for Regulation Best Interest; Additional FAQs on FINRA Coronavirus Pandemic Relief; and NAIC Eliminated Filing Exemption for Principal Protected Securities.
April 21, 2020 | In this issue: “CARES Act” Resources; FINRA Proposes to Amend its Suitability in Response to Regulation Best Interest; SEC Office of Compliance Inspections and Examinations Publishes Risk Alerts Relating to Upcoming Reg. BI and Form CRS Compliance Inspections; SEC Public Statement for Main Street Investors; SEC Charges Broker-Dealer in Connection with Making Unsuitable Recommendations of Single-Inverse ETF Investments; The ARRC Announces New Milestones in the Forced March to SOFR; and COVID-19 Resources.
March 26, 2020 | In this issue: COVID-19 Resources; ARRC Releases its Proposed NYS Legislative Solution for Existing USD LIBOR Contracts; Additional Guidance on Regulation Best Interest and Form CRS; LIBOR Transition; Proposed Changes to Volcker Rule Covered Funds Provisions; Swaptions Referencing USD LIBOR; The “Names” Rule; and Additional COVID-19 Resources.
February 3, 2020 | In this issue: 2020 OCIE Examination Inquiries; FINRA Priorities Letter; ARRC Consultation on SOFR to LIBOR Spread Adjustments; SEC: A “Call to Action” Can Happen Anywhere; and Regulation M Refresher.
January 6, 2020 | In this issue: IRS Again Extends Phase-In of Section 871(m) Regulations; FDIC Proposes Changes to Brokered Deposits Restrictions; Proposed Sales Practice Rule Affects Leveraged/Inverse ETFs; ETNs and Structured Notes Also in the Crosshairs; NAIC Developments Related to Principal-Protected Notes; Proposed Amendments to Advertising Rule for Registered Investment Advisers, FINRA Tips on ESG Investing; and Proposed Changes to the Definition of Accredited Investor and the Definition of Qualified Institutional Buyer.
December 5, 2019 | In this issue: Division of Investment Management Calls for Clearer Risk Factor Disclosure about Indices with Emerging Markets Exposure; Clayton Questions Index Disclosures and LIBOR Replacement in One Speech; FRBNY Requests Comment on Proposed Publication of SOFR Averages and a SOFR Index; The ARRC Publishes Model Term Sheets for Three SOFR Floating Rate Notes Conventions; Update on NAIC SVO Consultation on an Updated Definition of Principal Protected Securities; and Seminar: Issuing Structured Products into the EU.
November 5, 2019 | In this issue: The World’s Most Important Number: The IRS Addresses the Replacement of LIBOR; SEC Adopts Security-Based Swaps Recordkeeping and Reporting Rules; Compliance Countdown Begins Soon; SEC Roundtable on Elder Investment Fraud; FINRA Publishes 2019 Report on Examination Findings and Observations; IOSCO Releases Final Report on its Thematic Review on Sustainability Requirements with Respect to the Distribution of Complex Financial Products; and FINRA Provides New Reg. BI and Form CRS Resource.
October 2, 2019 | In this issue: Frequent Principal and Trading Agency Cross Transactions Compliance Issues; FINRA Sanctions Representatives and Member for Unsuitable Recommendation of Financial Product; Attorneys General Sue the SEC to Invalidate Regulation Best Interest; FINRA Updates Rule 2232 FAQs; SEC Enforcement Update; SEC Summarizes Regulation Best Interest and Form CRS Relationship Summary; and FINRA: Keep Advertising Simple.
August 27, 2019 | In this issue: FINRA Rule 5110-An Amendment to the Proposed Rule Change; Volcker Rule Revisions Adopted by Agencies; FIMSAC Approves Recommendation for Investor Education Regarding Retail Notes; FINRA Reminds Firms to Engage with the SEC on Regulation Best Interest; Update on Proposed NAIC Amendments Affecting Insurance Company Buyers of Structured Notes; and FINRA Seeks Comment on Senior Protection Rules.
July 30, 2019 | In this issue: The SEC Adds Its Voice to the LIBOR Chorus; FINRA Reminds Firms of their TRACE Reporting Obligations; Brokerage Firm Granted Summary Judgment in Reverse Convertible Notes Class Action; FDIC Eases Requirements on Deposit Tracking; FINRA Increases Margin Requirements for ETNs and Options on ETNs; FINRA Sanctions a Brokerage for Failure to Reasonably Supervise Securities Transactions; Reminder: The EU Prospectus Regulation is Effective-Key Legal Facts; Insurance Company Buyers of Structured Notes Should Consider Proposed NAIC Amendments; and Clayton Comes Out Swinging Against Critics of Regulation Best Interest.
June 27, 2019 | In this issue: LIBOR: Just Say No; Regulation Best Interest; Components of Regulation Best Interest; SEC Publishes Final Interpretation of Investment Advisor Standard of Conduct; Potential Regulation of Algorithmic Trading; and Senior Safe Act Fact Sheet.
May 22, 2019 | In this issue: Unsuitable Sales of Leverages ETFs Draw FINRA’s Ire; Text Messaging Violates Communication Rules; OCIE’s Retail Investor Protection Focus; Department of Labor Fiduciary Rule Update; House Passes Resolutions on Financial Literacy and Support for Elderly; Revised Notice of Proposed Rule Change to FINRA Rule 5110; and Refresher: Using Free Writing Prospectuses for Structured Notes Offerings.
April 25, 2019 | In this issue: Demystifying SOFR; US House Subcommittee Holds Hearing to Examine SEC’s Best Interest Rule; SIFMA Hosts Annual C&L Seminar with Enforcement and Regulatory Panels; Equity Linked Notes are Subject to FINRA’s Markup Rule; Maryland Uniform Fiduciary Duty Bill Rejected in Senate Committee; and Refresher: Structured Warrants.
March 11, 2019 | In this issue: SEC Commissioner Calls for Index Regulation; FINRA Investor Alert-High-Yield CDs as Marketing Ploys; FINRA Makes a Dispensation on Backtested Data to Open-End Investment Companies; Listing Exempt Securities; German Securities Law: Revolution on the Horizon; Refresher: Sales of Structured Products at Bank Branches-Networking Arrangements; and Recent REVERSEinquiries Workshop White Papers.
February 19, 2019 | In this issue: 2019 FINRA Priorities Letter; Nevada Proposes Uniform Fiduciary Rules in Response to Legislation; ‘All’ is not what it seems in the world of credit default swaps; and Refresher: Know Your Distributor.
January 22, 2019 | In this issue: Responses to ISDA’s Proposals for IBOR Replacements: A Step Toward Certainty for LIBOR Notes; How Does an Index Split?; OCIE Risk Alert on Electronic Messaging; SEC Investor Advocate Report on Activities for Fiscal Year 2018: Survey Results Regarding Investment Advice; POSITIER Investor Testing; FDIC Announces Review of Brokered Deposits and Requests Comments; United Kingdom Financial Services Legislation in the Aftermath of a No-Deal Brexit-What Potential Changes to UK Securities Laws and Regulations Should Issuers of Securities be Aware of?; New QFC Stay Rules Affect Dealer Agreements and Distribution Agreements; and Refresher: Structured Products: A Framework for Post-Approval Review.
December 10, 2018 | In this issue: FINRA’s Reorganized and Simplified Advertising Web Pages; SEC Report on Fiscal Year 2018 Enforcement Rules; OCIE Examination Initiatives Will Focus on Proprietary Indices; New Jersey to Propose a Uniform Fiduciary Standard for Financial Professionals; SEC Investor Advisory Committee’s Recommendations Regarding Proposed Regulation Best Interest; Daily Redeemable Notes versus Exchange Traded Notes: Fraternal Twin, Kissing Cousin or Lonely Stepchild?; The FANG Index and its Significant Constituents; and FINRA’s 2018 Report on Examination Findings and Structured Products.
October 23, 2018 | In this issue: The New ARRC Consultation Addresses LIBOR Fallbacks for Floating Rate Notes; SEC Director Blass’s Congressional Testimony; Congress Urges SEC to Revise Regulation Best Interest; FINRA Releases Report on the of RegTech; NASAA Releases Annual Enforcement Report 2018; ISDA Benchmark Supplement; and Product Intervention – a new tool in EU securities regulation.
September 13, 2018 | In this issue: A New ISDA Supplement Provides Some Certainty for SOFR Floating Rate Notes; SEC Chair Clayton Highlights Themes from Retail Investor Roundtables; SEC Commissioner Peirce’s Remarks: “What’s in a Name?”; Regulators Call Attention to Non-Traditional Index Funds; What Financial Institutions Need to Know about Regulations on Elder Financial Exploitation; Recent Amendments to Regulation S-K Affect Morgan Stanley Disclosure Requirements; The Upcoming Prospectus Regulation in the European Union: New Requirements for Risk Factors; Rule 3a-5 Exemption and Non-Guaranteed Securities; and Misselling of Leveraged ETNs Results in Monetary Penalties.
August 14, 2018 | In this issue: Regulation Best Interest: Can Structured Products Conflicts Be Resolved?; Investor Bulletin on Nontraditional Index Funds Covers Issues Familiar to Structured Products Investors; Dividend Equivalent Regulations Still in Limbo for Transactions after 2018; Responsibilities When Outsourcing to Third-Party Service Providers; Make Sure That Your CDs Remain CDs; Quantitative Suitability: A Changing Standard?;l FINRA Announces New Department of Enforcement Structure and Senior Leadership Team; and NYSE Proposes Change to the Definition of “Membership Organization” under Rule 2.
July 16, 2018 | In this issue: The AARRC Releases its Guiding Principles for new LIBOR Fallbacks; Broker-Dealer Sanctioned for Encouraging Early Resales of Structured Notes; Commissioner Stein on Complex Products; Chair Clayton’s Congressional Testimony; Fifth Circuit Vacates Fiduciary Rule; SEC Hosts 2018 Meeting of the Elder Justice Coordinating Council; A Sample Form CRS for Structured Products; and FinCEN’s beneficial Ownership Requirement.
June 19, 2018 | In this issue: The Proposed Volcker Rule Amendments; EU Provides Clarity on TLAC and MREL; Deductibility of FINRA Claims; Short Form Disclosure for Structured Retail Notes-The European PRIIPs Regulation, Experience to Date and Market Impact; FINRA Hosts 2018 Annual Conference; SEC Director Redfearn on Regulation Best Interest; Proposed Regulation Best Interest; and Listing Notes on Multiple Exchanges.
May 15, 2018 | In this issue: LIBOR Replacement Mechanisms: Where Are We Now?; SEC Denies Extension of Markup Disclosures Deadline, Rule Effective; Clayton Speech on Proposed Regulation Best Interest; SEC Announces New Investor Protection Tool; FINRA Requests Comment on Proposed Amendments to the Quantitative Suitability Obligation under FINRA Rule 2111; FINRA’s New Guidance on Implementing Heightened Supervision for Associated Persons with a History of Past Misconduct; SEC Proposes to Tighten Regulations on High-Risk Brokers and the Firms that Hire Them; FINRA360 Progress Report; Index Providers as Publishers; and DOL Field Assistance Bulletin.
April 24, 2018 | In this issue: Banks and the BEAT; FINRA Explains its Enforcement Philosophy; FINRAR Zeroes in on Sales of VIX-linked Products to Retail Investors; Amendments to FINRA’s Mark-up Rule to Become Effective on May 14, 2018; The SEC’s Proposed Best Interests Rule-It’s Here!; SEC Highlights Efforts to Protect Retail Investors; Recommended SEC Pilot Program for Changing Block Trade Reporting Requirements Includes Structured Trade Notes; and Good Disclosure Causes Early Delisting of ETN by Nasdaq.