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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

SEC Issues Joint Statement Relating to Complex Financial Products

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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 <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt3214a7d0628f3963/62731458b5ad5f2863c59500/201030-structured-thoughts.pdf" target="_blank">newsletter</a>.