Retail Structured Products

We regularly advise on a range of structured products offered to retail investors, including equity linked products, commodity linked products and more complex equity and rate strategies, proprietary indices and volatility products. We also advise on retail credit linked products.

We advise our clients on new structures and developments in the market. This includes repackagings and collateralised and asset backed structures for retail investors such as 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 national authorities in approving and passporting notes, warrants and certificates. And 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 and 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. 

The team is formed of more than 200 lawyers worldwide who specialise in advising financial institutions. They have a thorough understanding of all aspects of the international financial markets.

Our focus areas:

• Structures: we have a leading European retail structured products practice and advised numerous European and US banks in connection with retail structured products.
• Notes, warrants and certificates: cross border retail offers and domestic retail markets such as the certificates market in Germany.
• New retail structures: including issues by off-balance sheet special purpose vehicles, collateralised structures, asset backed securities and capital protected structures.
• Tax efficient retail products: our European tax retail products practice works with clients across all countries and is based in Germany, France, the Netherlands, Italy, Spain and the UK advising about changes in capital gains and income tax changes.
• Regulatory Issues: our practice advises on all regulation, and proposed regulation, affecting capital markets including EU and national regulation. We are involved in advising on the increased regulation of retail structured products including PD2 compliant programmes, EU proposals for PRIPS, the MiFID 2, as well as proposals from national authorities.