Product Development and Distribution
Bringing a novel or innovative product to market often raises difficult questions concerning the application of regulatory capital or conduct of business requirements – or requires detailed consideration of what constitutes the 'perimeter' of the regulatory regime.
We have experience of advising on a variety of proposed products or structures, including: whether a structure constitutes a collective investment scheme; whether an activity relating to a product or structure is regulated – or is capable of benefiting from an exemption; and how the regulatory rules and market norms impact a product.
We also have broad experience of documenting the terms and conditions of products and establishing product structures, including the drafting of terms of business and customer documentation which reflect relevant market practice, industry codes and comply fully with applicable law and regulation.
Getting a product to market efficiently and in a controlled, risk-sensitive fashion, whether direct to customer or through intermediaries, is often as important as the nature and substance of the product itself. We can advise on agency, distribution and other intermediary agreements; ensuring that a client's commercial objectives are fully documented, whilst protecting against undue risks and exposures to third party distributors or advisers.
We also have a depth of experience on advising on – and assisting with the sign-off of – compliant marketing material, whether under the Financial Services and Markets Act 2000 and FSA rules, Consumer Credit Act 1974 and OFT rules, other legislative requirements or applicable codes of practice.