‘Complex’ definition eludes European regulators

Determining whether a structured product is "complex” – and therefore unsuitable for retail investors – continues to divide regulators in Europe

Determining whether a product is too complex to be sold to retail investors remains a challenge in Europe, where competing definitions of "complexity" are still in use from country to country and at the European level, said a panel of regulators and lobbyists at the Structured Products Europe conference in London today.

Edouard Vieillefond, managing director in the regulatory policy and international affairs division of the French Financial Markets Authority, said France decides whether a