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ARTICLE · 28 SEPTEMBER 2020

Refresher: Index License Agreements

Mayer Brown
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Index-linked products are a mainstay of the structured products market, and issuers routinely negotiate and enter into license agreements with index sponsors in connection with these products.

United StatesIntellectual Property
Bradley Berman
Bradley Berman
Gonzalo Go
Gonzalo Go
Marla Matusic
Marla Matusic
Anna T. Pinedo
Anna T. Pinedo
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Index-linked products are a mainstay of the structured products market, and issuers routinely negotiate and enter into license agreements with index sponsors in connection with these products. Given recent regulatory attention to indices and the increasing use of proprietary indices, we revisit below key considerations when preparing or negotiating index license agreements.

SCOPE OF LICENSE AGREEMENTS

Parties. Either the issuer or the issuer's affiliated broker-dealer may enter into the license agreement with the index provider, and often multiple affiliates may be a party to the license agreement. The potential use of the index should be considered to determine which entities will need to be party to the agreement: Will the issuer distribute notes linked to the index through several underwriters? Will the underwriter distribute notes linked to the index issued by several different issuers? Which parties will need index data in order to make payment or

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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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