On October 28, 2020, the U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, together with the directors of three SEC divisions, issued a joint statement relating to complex financial products. The statement relates to a fairly broad group of products, but addresses in particular a number of sophisticated leveraged and inverse structured products, including ETFs and exchang- traded notes (ETNs).
The joint statement is relatively brief, but addresses several potentially complex issues, which are discussed in our newsletter.