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ARTICLE · 01 MARCH 2019

Indices: The Good, The Bad And Knowing The Difference

Mayer Brown
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An issuer comes to us and asks if it can link its debt security to an index. This seemingly simple question (if the index is the S&P® 500 Index, for example) progresses ...

United StatesFinance and Banking
Bradley Berman
Bradley Berman
Anna T. Pinedo
Anna T. Pinedo
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An issuer comes to us and asks if it can link its debt security to an index. This seemingly simple question (if the index is the S&P® 500 Index, for example) progresses through layers of complication as the underlying index varies from a broad-based benchmark index (such as the SPX) to a proprietary index with a small number of constituents. We discuss below the principal issues to consider.

IS IT AN INDEX?

There is no definition of "index" under the U.S. securities laws, nor are there any regulations governing indices, other than the generic exchange listing rules discussed below.1 There are several definitions that come close to an index definition, but the focus of those definitions relates principally to the characteristics of the index as "broad" or "narrow."

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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