smoked herring

(English red herring) (slang.). distracting maneuver - a preliminary prospectus for the issue of securities (usually a bonded loan) without specifying the main parameters; may be issued prior to the entry into force of the issuer's registration statement. Such a document is prepared by the underwriters for subsequent distribution to potential investors; on its cover there is an inscription in red that the registration document has not yet entered into force (hence its name).