A new framework for assessing product complexity

A model of complexity


In October last year, the European Commission published legislative proposals to reform the Markets In Financial Instruments Directive (Mifid), including a proposed shift in the classification of structured Undertakings for Collective Investment in Transferable Securities (Ucits). While Mifid originally labelled all Ucits non-complex, its successor deems all structured Ucits complex. This article proposes a logical and consistent framework to refine the dichotomy and identifies a limited number

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