IANAL, but: Banking law isn't relevant here : This is to do with offerings of securities. The SEC regulates offerings in the US. Goldman is no longer offerin

IANAL, but: Banking law isn't relevant here : This is to do with offerings of securities. The SEC regulates offerings in the US. Goldman is no longer offering these securities in the US, so the SEC is not involved. As someone else points out, if a US client seriously wants to jump through hoops to invest, I'm sure Goldman would help out an offshore entity.