Structured Products and Other

Reflecting the hybrid nature of structured products, ISDA often works jointly with securities-focused trade associations on issues that transcend wholesale and retail markets. The forum for this work is the Joint Associations Committee on Retail Structured Products (JAC), chaired by Tim Hailes of JP Morgan. 

Documents related to Islamic Finance derivatives agreements can be found here:
http://www.isda.org/c_and_a/islamfwg.html


DateTitle / Document / DescriptionDownload
June 1, 2015
JAC responds to FCA thematic review on product development and governance of structured products
On March 5, 2015, the UK Financial Conduct Authority (FCA) published a thematic review on the product development and governance of structured products. Firms need to ensure they design products that have a reasonable prospect of delivering economic value to end clients and promote their features in a clear and balanced way. The thematic review highlights further areas that firms need to work on. Given the firms are replying in detail to the FCA, the Joint Associations Committee’s (JAC) letter focuses on high-level issues.
JAC Response to FCA Structured Products Thematic.pdf
May 14, 2015
JAC responds to EC consultation on the Prospectus Directive
On February 18, 2014, the European Commission published a consultation paper relating to the review of the Prospectus Directive. The paper sought to identify the needs of prospectus users with regards to scope, form, content, comparability, the approval process, liability and issuers. Feedback was also requested on aspects that unduly hinder access to capital markets, liability and sanctions. The Joint Associations Committee on Retail Structured Products response focuses on the questions that are of particular interest to the structured securities industry.
PDIII - JAC response form.pdf PDIII - JAC response letter.pdf
February 17, 2015
JAC response to the Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Product (PRIIPs)
In November 2014 the three European Supervisory Authorities (ESAs) issued a discussion paper that set out their early thinking regarding the drafting of the Level 2 Regulatory Technical Standards (RTS) to support the EU PRIIPs Regulation (Regulation (EU) No 1286/2014). Past experience suggests that this will be an important opportunity to influence the outcome of this process. The Joint Association Committee has prepared a detailed response to the discussion paper. The JAC response covers areas of significant importance to the industry including issues such as the approaches to measuring and disclosing risk, costs and product performance in the KIID and the rules relating to review, revision and republication of the KIID. A further Discussion Paper on the more complex methodological aspects of the RTS is expected later this Spring followed by further Consultation Papers on the text of the draft RTS once this has been prepared by the ESAs.
PRIIPS Response - Feb 2015.pdf
December 22, 2014
JAC response to ESMA CP on prospectus-related issues
On December 18, the Joint Associations Committee on Retail Structured Products (JAC) responded to a European Securities and Markets Authority (ESMA) consultation paper (CP) on draft technical standards for prospectus-related issues under the Omnibus II Directive. This CP addresses the procedures for the approval of prospectuses, incorporation of information by reference, publication of prospectuses and dissemination of advertisements relating to offers to the public and admissions to trading.
Omnibus II Draft RTS on prospectus related issues - Responses to CP.pdf
July 31, 2014
JAC response to the ESMA CP on MiFID II/MiFIR
On July 31, the Joint Associations Committee on Retail Structured Products (JAC) responded to the ESMA consultation paper on MiFID II/MiFIR. This response addresses questions from the consultation that are specific to retail structured products; it was submitted alongside the ISDA response to the ESMA CP & DP addressing other questions from the ESMA consultation.
JAC MiFIR response.pdf
July 21, 2014
Translation of response to the CONSOB consultation on the distribution of complex products to retail investors
On July 21, the ACEPI, the EUSIPA, the JAC (representing ISDA, ICMA, AFME & the BBA) together with White & Case Europe LLP responded to the Commissione Nazionale per le Società e la Borsa (CONSOB) consultation on the distribution of complex products to retail investors. This response has now been translated in to English.
Answers to CONSOB consultation re  structured products final 21 7 14_Fin   .pdf
July 14, 2014
English translation of supplementary observations relating to the consultation document ‘Information reporting as contemplated in Article 129 of the TUB relating to the offer of financial instruments in Italy’
On July 14, the Joint Associations Committee on Retail Structured Products (JAC) along with the International Capital Market Association (ICMA) and ISDA (with the support of the Associazione Italiana Intermediari Mobiliari (ASSOSIM)) wrote to The Bank of Italy with supplementary observations relating to the consultation document "Information reporting as contemplated in Article 129 of the TUB relating to the offer of financial instruments in Italy” (dated October 2013). The response was filed to the Bank of Italy in Italian only. The original response to the same consultation is dated December 13, 2013 and is available on the JAC page.
RM-#4968570-v4-Position_Paper_129_final_July_2014.pdf
January 23, 2014
JAC position paper on PRIPS regulation - January 2014
JAC PRIPS trilogue paper.pdf
December 13, 2013
Letter to Bank of Italy regarding comments on the Consultation Document ‘Information Reporting as contemplated in Article 129 of the TUB (Consolidated Law on Banking) relating to the offer of financial instruments in Italy’
On December 13, ISDA, JAC, ICMA & ASSOSIM lent their support to a letter from Allen & Overy to the Bank of Italy regarding comments on the Consultation Document ‘Information Reporting as contemplated in Article 129 of the TUB (Consolidated Law on Banking) relating to the offer of financial instruments in Italy’, dated October 2013. The consultation proposals would impose rigorous information reporting requirements on the issue and offer of financial instruments in Italy, and could therefore serve to discourage non-resident entities from issuing and offering financial instruments in Italy.
Position Paper A&O - ENG.pdf
October 18, 2013
JAC Response to the Joint Forum Consultative Document: Point of Sale disclosure in the insurance, banking and securities sector.
On October 18, the Joint Associations Committee on Retail Structured Products (JAC) responded to the Joint Forum Consultative Document: Point of Sale disclosure in the insurance, banking and securities sector. The consultation considers whether the current different regulatory approaches to Point of Sale disclosure need to be further aligned, so that consumers across all three financial sectors receive adequate product disclosure at the point of sale.
JAC Reponse to the Joint Forum Consultative document - October 2013.pdf