"People are struggling with the categorizations of complex and non-complex instruments," says Anders Malm, a partner with Stockholm-based law firm Oreum, which provides legal advice and services to structured note issuers.
Mifid attempts to simplify the product market into two basic types: complex and non-complex. Products that fall into the former category can only be sold on an advisory basis, with the advice provided by a qualified professional adviser. "Mifid says you may not sell complex products on an execution-only basis. If you want to sell a complex product then you have to give advice of one form or another, and of course that...
