Disclosure

The Devil’s Advocate™ →Go uptown In which the curmudgeonly old sod puts the world to rights. Index — Click ᐅ to expand: The Devil’s Advocate Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Favourite prospectus risk disclosure, from the coinbase IPO:

“As we expand and localize our international activities, we have become increasingly obligated to comply with the laws, rules, regulations, policies, and legal interpretations both of the jurisdictions in which we operate and those into which we offer services on a cross-border basis.”

It’s hard, in other words, to make money when you have to do things by the book.

Hat tip to Marc Rubinstein’s Net Interest blog for fishing this one out of the morass — no-one else seems to have spotted it — but the JC got on the Google and discovered that, in time honoured tradition, this is simply cribbed from an existing disclosure from a 2019 disclosure document by PayPal:

“As we expand and localize our international activities, we have become increasingly obligated to comply with the laws of the countries or markets in which

we operate.”