Inside FINRA's Approach To 'Complex Products'

Law360, New York (January 31, 2012, 2:40 PM EST) -- On Jan. 17, 2012, the Financial Industry Regulatory Authority issued Regulatory Notice 12-03 (“notice”) regarding a member firm’s obligation to impose heightened supervision of retail sales of complex products. The notice does not attempt to define what a complex product is; it merely identifies some of the characteristics that may cause a product to be deemed complex and thus subject to heightened supervision.

While the notice provides guidance about what might make a product complex, FINRA notes that even some “relatively simple products” might impose substantial...
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