Innovation, complexity: treading the middle ground

In March 2022, US regulatory body Finra published a notice (reference 22-08) on complex products. This was the first major follow up in this area after its original document on the subject ten years ago (named 12-03). The current notice opens up many interesting issues about how to address investor protection in today’s markets. Back in 2012 when Finra first defined complex products as a concept, the investment world was a different place, coming out of the dotcom crash of 2000 and latter