If the SEC majority can not convince the full slate of Commissioners that there has been a rule violation, perhaps the majority should consider whether rulemaking would be the appropriate course, rather than an enforcement action. There is nothing that smacks as much of "rulemaking by enforcement" as an enforcement action where two of the five Commissioners do not believe that there was any violation of law.

The testimony suggests that the banking regulators are turning their attention to fundamental economic risks. This is a positive development as they have been preoccupied with less obvious and less immediate financial risks to banks over the past few years. 

Winter can no longer be described as "cold" or "very cold"; it is a "climate event" or an "extreme climate event."

At least when selling to individual investors, this case may serve as something of a warning that a firm is not able to avoid a due diligence obligation by labelling itself as a "finder," rather than as a placement agent.

FINRA's adding the Reg BI charge to the suitability charge is the wave of the future. It means that there is a violation of the federal securities laws, as well as a violation of FINRA Rules.