On January 23, 2009, the Mutual Fund Dealers Association (the “MFDA”) issued bulletin #0354-P seeking comment regarding potential rule changes which would extend suitability obligations and know your client requirements to dealings in principle protected notes (“PPNs”). PPNs are defined in the bulletin as investment products offering potential returns based on the performance of an underlying investment and a guarantee that the investor will receive, on maturity, not less than the principle amount invested.

type Brokers' Report - March 2009 - Mutual Fund Dealers Association Considers Rule Change