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                • December 04, 2019

                  Broker-Dealer Settles FINRA Charges for Supervisory Failures in Sale of ETPs

                  A broker-dealer settled FINRA charges for failing to implement a supervisory system in connection with the sale to retail investors of leveraged and inverse-indexed exchange-traded products.
                • July 31, 2019

                  NASAA Urges Broker-Dealers to Update Policies on Non-Traditional ETFs

                  The North American Securities Administrators Association advised broker-dealers to review sales practices for non-traditional exchange-traded funds, warning that these products pose unique risks.
                  Steven.Lofchie@cwt.com's picture
                  Commentary by Steven Lofchie
                • July 02, 2019

                  FINRA Increases Margin Requirements for ETNs

                  FINRA increased margin requirements for exchange-traded notes and options in order to address the complexity of these products, as well as confirming that exchange-traded notes and options on them are not allowed for portfolio margining.
                  nihal.patel@cwt.com's picture
                  Commentary by Nihal Patel
                • March 14, 2019

                  Broker Dealer Settles FINRA Charges for Inadequate Supervision of ETF Sales

                  A broker-dealer agreed to settle FINRA charges for failing to establish, maintain and implement a sufficient supervisory system to monitor the sales of nontraditional exchange-traded funds.
                • November 27, 2018

                  SIFMA Provides Feedback to MSRB on Indices, Yield Curves and Other Benchmarks

                  SIFMA advocated for "full disclosure and transparency by benchmark sponsors" in response to an MSRB request for feedback on the accessibility, methodology and utility of indices, yield curves and benchmarks in the municipal market.
                • September 11, 2018

                  Firm Settles SEC Charges for Recommending Unsuitable "Non-Traditional ETFs"

                  A dual-registered broker-dealer and adviser, along with its employees, agreed to settle SEC charges for supervisory failures regarding recommendations to customers to purchase and hold "non-traditional ETFs."
                  Kyle.DeYoung@cwt.com's picture
                  Commentary by Kyle DeYoung
                • August 28, 2018

                  MSRB Solicits Comments on Indices, Yield Curves and Other Benchmarks

                  The MSRB requested feedback from market participants and the general public on the accessibility, methodology and utility of indices, yield curves and benchmarks available in the municipal market.
                • June 25, 2018

                  Broker-Dealer Settles Charges regarding Complex Financial Products

                  A broker-dealer settled charges regarding misconduct in the sale of market-linked investments to retail investors.
                • June 01, 2018

                  Cadwalader Attorneys Review New Criteria for Short-Term Securitizations

                  Cadwalader attorneys reviewed new BCBS-IOSCO criteria for identifying "simple, transparent and comparable" short-term securitizations. The memorandum also covers a standard on the capital treatment of STC short-term securitizations issued by the BCBS.
                • May 14, 2018

                  BCBS and IOSCO Issue Criteria to Identify “Simple, Transparent and Comparable” Short-Term Securitizations

                  The Basel Committee on Banking Supervision and IOSCO revised criteria for identifying "simple, transparent and comparable" short-term securitizations.
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