Editorial: A shot across the bows

Richard Jory
Richard Jory, Editor

While financial markets dither and dive over the notoriously brittle and news-hungry summer months, there remains one certainty, and that is the constant stream of directives, dictats and guidance from regulators. They are everywhere and in every form and style.

In Europe, there has been a change of tack from an obsession with transparency and disclosure to a more invasive approach. France has declared its code of combat on complex products; the UK is preparing rules that will permit direct

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