The recent increase in federal enforcement of consumer financial services laws and regulations makes it a priority for companies to take stock of their current financial products, to identify potential risks, and to enhance consumer satisfaction efforts.  Fortunately, the treatise Financial Product Fundamentals: Law, Business, Compliance (Second Edition) aids in that process by providing attorneys, compliance personnel, and business professionals with legal, regulatory, and procedural guidance regarding the various financial products, accompanied by many helpful charts, tables, and other graphics.

Highlights from the updated release include:

• Chapter 20, An Introduction to Variable Insurance Products. Reviews the summary prospectus rulemaking adopted by the SEC in March 2020 (see section 20:5.1).
• Chapter 21, Organization of Private Investment Funds: Basic Structural and Legal Issues. Covers changes to Rule 506 (see section 21:5.1); and reviews the Citizen VC, Inc. no-action letter (see section 21:8).
• Chapter 22, Real Estate Mortgage Investment Conduits (REMICs). Discusses REMIC tax administration, which includes filing income tax returns, filing information returns, providing information statements, and representing the REMIC before the IRS and courts (see section 22:7.5). New Appendix 22C traces important developments in the REMICs space.
• Chapter 24, Exchange-Traded Notes and Similar Structured Notes. Extensively updated chapter provides an overview of ETNs; describes the threshold legal issues; summarizes the registration, disclosure, and listing requirements; highlights the issues that arise when creating, selling, and investing in these products; and discusses additional issues with respect to other types of structured notes that are similar to ETNs but not listed or traded on a securities exchange.

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PLI PLUS subscribers can access this title through their subscription. Subscribers may also be interested in reading the PLI Current article, Consumer Debt Collection:  A Year in Review and What to Expect Next.