Perimeter
Eight bright lines and the regulatory firewall. Howey, Reves, partnership, foreign overlays.
- Eight bright linesThe non-negotiable rules.
- Howey, appliedFour-element US securities test.
- Reves, appliedFamily-resemblance test for note-like instruments.
- Credits-vs-positions firewallWhy credits are commodities and positions are not.
- Partnership characterizationWhy this is not an investment partnership.
- Foreign jurisdictions overlayHow the perimeter maps onto non-US regimes.
- Pre-deployment self-checkChecklist a pilot must pass before going live.