Tenev: I think it's important to separate the transactional elements of that from the actual decision-making of what stock you want to buy. People have really been used to a long process to set up any type of financial account. It used to be, for the vast majority, the bank account, brokerage account. You'd have to go in person, fill out some forms, talk to a person, they'd call you back в” it would take maybe two or three weeks to buy your first stock. The SEC's former Associate Director in the Division of Enforcement, Anita B. Bandy, commented on the unique compliance risks associated with private equity firms in May 2020.