Editorial: Loophole is a dirty word


Richard Jory

Loopholes are ways of escaping financial and legal responsibilities that are to be frowned upon, not clever and admirable ruses dreamed up by fleets of racy accountants who deserve to be rewarded for their cleverness.

Enter Belgian regulator the Financial Services and Markets Authority (FSMA), which has introduced talk of loopholes into the discussion of what should and should not be permissible when it comes to investing, with particular reference to the world of structured products. Offering t

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