As actively managed certificates expand beyond their niche origins, Mayer Brown argues that transparency, rigorous documentation and clear regulatory positioning will determine whether the structure’s growing popularity could invite regulatory pushback.
Actively managed certificates (AMCs) are shifting from a niche structuring tool into a more established, though still evolving, segment of the structured products market. Once closely associated with Swiss issuers and private placements, AMCs are now expanding across jurisdictions as asset managers seek flexible, cost-efficient ways to deliver active investment strategies within a single tradable security. Transparency around strategy, risk and the extent of manager discretion is essential, pa