Below you will find the archived issues of Mayer Brown’s structured and market-linked products-focused newsletter, REVERSEinquiries.
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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.