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 The [[KIID]] is a standardised two-page document prescribed by European regulation with a format so investors can compare products easily. As such it is a kind of kryptonite to a [[Mediocre lawyer|securities lawyer]], who will quail before one, and may crumble into desiccated powder, wailing “IT CANNOT BE DONE I TELL YOU IT IS AN ABOMINATION”.
-Also, a form of Heat Ray in the underappreciated 1950s sci fi shocker ''[[The Day of the MiFID]]''.
+Also, a form of Heat Ray in the under-appreciated 1950s sci fi shocker ''[[The Day of the MiFID]]''.
+===[[KIID]] history, and how lawyers work ===
+Some 25 years ago the European Commission hit upon the idea of having retail structured products manufacturers to produce a one-page summary of the key risks of financial products being offered to the public. The document, a “key investor information document” — now, pleasingly, to be simplified to just “key information document” — became a part of financial products regulation for [[packaged retail structured]] products and [[UCITS|retail collective investment arrangements]] over the immense and highly principled objections of the legal community, on the grounds that it is impossible to adequately explain the risks of a complicated legal product in fewer than the 80-100 pages it was presently taking.
+The regulators replied, “well, if you can’t explain the big picture risks in a single page, the product can’t be suitable for the general public, can it?”
+“Can we cross reference to a full prospectus so —”
+“No.”
+“But —”
+“No.”
+The legal community reluctantly demurred, but insisted on generating a hundred-page prospectus ''as well'', despite the transparently obvious fact that ''no-one, [[RESIDENTS OF NEW HAMPSHIRE|frequently not even the lawyers preparing it]]'', would ever read it.
+There is now a curious dissonance: retail investors — who are meant to be clueless ingenues, unable to tie their shoelaces for all the grandchildren dandling on their knees — are allowed only a few hundred words to explain structured products. Eurobond investors, who are bona fide accredited financial wizards, are presumed to not bee capable of grasping the idea of a floating rate note without the help of three hundred pages of contorted mush.
 {{sa}}