In This Issue:

- What to Expect in 2015

- EU Regulatory Agenda: Into 2015

- FINRA Issues Report Relating to its Communication Rules

- Structured Product Offerings and RIAs

- The SEC, Investment Funds and Derivatives

- SEC Extends Temporary Rule for Adviser Principal Trades

- FINRA Proposes New Rules on Debt and Equity Research Reports

- 12th Annual European Structured Products & Derivatives Conference 2015

- Excerpt from What to Expect in 2015:

Here are our thoughts on what to expect in the structured products area in 2015.

Dodd-Frank-Related Developments -

The Volcker Rule: Last year at about this time in December, we were still working our way through the final Volcker Rule. A year has passed and we are still attempting to understand the exceptions that may be available in connection with hedging of exposures arising in connection with the issuance of structured products. We anticipate that there will be additional regulatory guidance on the Volcker Rule. In fact, in their public statements, Federal Reserve representatives have alluded to possible changes relating to the metrics and compliance policy requirements. We anticipate that market participants will continue to work diligently to formulate compliance policies and procedures designed to address the hedging activities in relation to structured products, as well as their market making activities.