SEC mistaken to assume ETNs are retail products, say critics

Regulator urged to focus on sophisticated and institutional investors

SEC press association
SEC headquarters

The US Securities and Exchange Commission (SEC) finally broke its silence on exchange-traded notes (ETNs) in February, telling banks in confidential letters that they need to make their disclosure about these securities more intelligible to retail investors. Behind the scenes, banks and their lawyers are already whispering that this latest guidance from the Office of Capital Markets Trends is likely to have little impact on the industry.

Structured Products reported exclusively in February that

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here