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This is radical and, for an attorney, rather intimidating for, in the sainted history of financial law, neither of these things has ever been part of the enterprise of anyone drawing up offering materials. The basic purpose of offering documents has always been threefold: | This is radical and, for an attorney, rather intimidating for, in the sainted history of financial law, neither of these things has ever been part of the enterprise of anyone drawing up offering materials. The basic purpose of offering documents has always been threefold: | ||
#To bury the intellectual technology — for which read, conceal the abject lack of it — underpinning any financial product so that no two bit attorney can therefore milk the overflowing trough | #To bury the intellectual technology — for which read, conceal the abject lack of it — underpinning any financial product so that no two bit attorney can therefore milk the overflowing trough; | ||
#To cover the issuer’s, arranger’s and, more importantly, their counsel’s posteriors against the risk of having neglected to advise of the inherent flaws, inefficiencies and perfidies of said financial product | #To cover the issuer’s, arranger’s and, more importantly, their counsel’s posteriors against the risk of having neglected to advise of the inherent flaws, inefficiencies and perfidies of said financial product; and | ||
#generally to baffle [[and/or]] bore any investor [[and/or]] regulator sufficiently close to exasperation to stop it asking questions. | #generally to baffle [[and/or]] [[Tedium|bore]] any investor [[and/or]] regulator sufficiently close to exasperation to stop it asking questions. | ||
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”. | 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”. | ||
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{{seealso}} | {{seealso}} | ||
*[[Tedium]] | |||
*[[Uctis V the Magnificent]] | *[[Uctis V the Magnificent]] | ||
*{{t|MiFID 2}} | *{{t|MiFID 2}} | ||