Simmons & Simmons regularly advises on a range of structured products offered to retail investors, including equity linked products (mainly equity baskets and indices), commodity linked products (baskets of a wide range of commodity types and indices) as well as more complex equity and rate strategies, proprietary indices and volatility products. We also advise on retail credit linked products.
We advise on new structures and developments in the market including repackagings, and collateralised and asset backed structures for retail investors including the most recent PD compliant final terms programmes. We have particular experience in the automation of the legal documentation for retail structured products transactions.
We work closely with various national authorities in approving and passporting notes, warrants and certificates. We have expertise in advising on all aspects of European public offers including: distribution agreements, marketing materials, disclosure, MiFID compliance, fee disclosure and offer timetables. We also advise on securities clearing through domestic settlement systems across Europe. We advise on the tax as well as the regulatory and legal aspects of offers to retail, HNWIs, private banks their distributors.
We are active members of the Joint Associations Committee on Retail Structured Products (JAC) and have assisted market participants in co-ordinating responses to various EU consultation papers.
In addition to European retail structured products we have lawyers in Asia and the Middle East with experience in similar products in their regions.
Our retail structured products practice is part of our international financial markets practice which comprises more than 200 lawyers worldwide specialising in advising financial institutions, who together have a thorough understanding of all aspects of the international financial markets.
The products we have recently worked on which have been offered to retail investors include:
- share and share basket transactions (including European, American and Asia stocks)
- index and index basket transactions (including Equity and Non-Equity Indices)
- strategy, proprietary indices and volatility products
- commodity linked and hybrid products
- fund linked products
- structured credit products.
Our recent European experience includes advising clients in Belgium, Finland, Sweden and Norway:
- Capital Protected Notes linked to the Dow Jones Euro Stoxx 50 Index offered in France
- a series of Notes linked to Dutch shares offered in the Netherlands
- index linked notes offered in Belgium, Luxembourg, Netherlands and Switzerland
- a wide range of equity linked certificates and warrants offered in Germany
- Notes linked to a basket of commodities offered in Sweden
- various warrants over share baskets and indices in Norway, Finland and Sweden
- strategy linked notes in the Netherlands.