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

- “Bail-inable” Structured Notes

- Northern Bound: Canadian Regulators Adopt Certain U.S. Regulatory Principles

- Toronto Stock Exchange Proposes New Listing Requirements for Structured Products

- Seminar: A Conflicts-Based Approach to SEC and FINRA Priorities

- Excerpt from FCA Publishes Thematic Review on Structured Product Development and Governance:

On 5 March 2015, the UK’s Financial Conduct Authority (“FCA”) published a thematic review on product development and governance in relation to structured products.

The FCA states that its review is part of its ongoing examination of how firms in retail and wholesale markets are developing new structured products in the light of the finalised guidance for structured products published by the Financial Services Authority (“FSA”), the FCA’s predecessor, in March 2012. The review focuses in particular on the FCA’s objective that firms treat their customers fairly and have appropriate arrangements and safeguards in place in relation to product development and governance, to enable them to meet their requirements in this regard. The FCA stresses, in particular, that firms should...