The Morgan Stanley No-Action Letter at Age 18: Is it Time to Rethink?

SPA Roundtable

07 Oct 2014 05:45 p.m. - 07:30 p.m.

Morrison & Foerster LLP
250 W 55th Street
21st Floor
New York, NY 10019
Harrison Lawrence
(212) 336-4004

In 1996, the S.E.C. issued a no-action letter to Morgan Stanley that provided a framework for issuances of registered structured notes linked to single stocks and baskets of stocks.  The letter is also widely used to analyze equity indices. In the 18 years since the “Morgan Stanley letter” was issued, securities markets, indices and financial instruments have evolved substantially, and investors of all types have obtained easier access to a great deal of information about a wide variety of companies. Accordingly, should the industry ask the S.E.C. to revisit the provisions of the Morgan Stanley letter to modernize its standards?

Join Morrison & Foerster and the Structured Products Association for a roundtable to review market developments since the Morgan Stanley no-action letter was granted. The session is intended to elicit a lively dialogue regarding potential changes and industry action.


  • Bradley Berman
  • Lloyd Harmetz
  • Robert Dilworth, Sr. Vice President and Associate General Counsel, Bank of America Merrill Lynch
  • Keith Styrcula, Chairman and Founder, Structured Products Association

No CLE credit will be provided. No press will be permitted.




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