So, you'd have a whole bunch of people selling securities down there and they could vacate quickly if the authorities challenged you.

接下来,你雇了一群人,在这间地下室里帮你出售证券,如果政府想要发难,他们可以快速撤离

耶鲁公开课 - 金融市场课程节选

You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

没有招股说明书就不可以,出售证券给潜在买家,而且招股书需要通过证交会审核

耶鲁公开课 - 金融市场课程节选