Wrong, read the endnotes of your link, does not apply
05-59 NASD NTM SEPTEMBER 2005 8
Endnotes
1 There is no standardized definition of a
structured product in the federal securities laws.
SEC Rule 434 (Prospectus Delivery Requirements
in Firm Commitment Underwritten Offerings of
Securities for Cash) defines structured securities
as “securities whose cash flow characteristics
depend upon one or more indices or that have
embedded forwards or options or securities
where an investor’s investment return and the
issuer’s payment obligations are contingent on,
or highly sensitive to, changes in the value of
underlying assets, indices, interest rates or cash
flows.” The Pacific Exchange defines structured
products as “products that are derived from
and/or based on a single security or securities, a
basket of stocks, an index, a commodity, debt
issuance and/or a foreign currency, among other
things” and would include “index and equity
linked notes, term notes and units generally
consisting of a contract to purchase equity
and/or debt securities at a specified time.”
Securities Exchange Act Rel. No. 51094
(Jan. 28, 2005), 70 FR 6489 (Feb. 7, 2005)
(Order Approving Proposed Rule Change and
Amendment No. 1 and 2 Thereto by the Pacific
Exchange, Inc. and Notice of Filing and Order
Granting Accelerated Approval to Amendment
No. 3 Thereto Relating to a Proposed Listing
Fee Schedule for Structured Products). The
NYSE defines a structured product as “a security,
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