There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper which allows them to go ahead and buy unregulated products at their own risk.
It was so quiet that morning in Paris that the heels of my two companions and myself were loud on the deserted pavements. It was a city of shuttered shops and barred windows and deserted avenues.