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{{g}}A [[key | {{g}}A [[key information document]], or “[[KID]]” is a document intended to help an investor to understand the basic risks of the financial product she may be considering and make an informed investment decision. | ||
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: | ||
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#generally to baffle [[and/or]] [[Tedium|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 [[ | The [[KID]] 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 under-appreciated 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]]''. | ||