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Terms of business: Difference between revisions
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Each time [[ESMA]] updates [[MiFID]] dear old [[Simmons & Simmons]] kicks off a really hilarious<ref>Like ''really'' hilarious. I can’t tell you how fun it is.</ref> game where they gee their institutional [[asset manager]] clients up into a frenzy about how outrageous their [[broker]]s’ [[terms of business]] are, and present them with a nineteen-page generic letter of rebuttal. This precipitates a 9 month attritional paper war which is redolent of — and about as much of a waste of time, effort and young lives as — the [[Belgian dentist|Belgian]] trenches in World War I. | Each time [[ESMA]] updates [[MiFID]] dear old [[Simmons & Simmons]] kicks off a really hilarious<ref>Like ''really'' hilarious. I can’t tell you how fun it is.</ref> game where they gee their institutional [[asset manager]] clients up into a frenzy about how outrageous their [[broker]]s’ [[terms of business]] are, and present them with a nineteen-page generic letter of rebuttal. This precipitates a 9 month attritional paper war which is redolent of — and about as much of a waste of time, effort and young lives as — the [[Belgian dentist|Belgian]] trenches in World War I. | ||
In fairness, many [[broker]]s | In fairness, many [[broker]]s don’t help themselves with their completely absurd [[terms of business]]. The longer ones check in at something like 80 pages. The shortest ones are three or four. | ||
And all of this goes before we even get into arguments about whether we need a [[sovereign immunity]] waiver clause or to appoint a [[process agent]]. | And all of this goes before we even get into arguments about whether we need a [[sovereign immunity]] waiver clause or to appoint a [[process agent]]. | ||
{{ref}} | {{ref}} | ||