We're a fund regulated by a government other than the US. Our regulated investment manager (which confusingly is the entity that one would say does "investment

We're a fund regulated by a government other than the US. Our regulated investment manager (which confusingly is the entity that one would say does "investment advising" in the US) does not have any staff with US-specific licenses. Despite all this, we could trade US equities, if we wanted to trade in markets that are deeply unfair and have fixed costs for data feeds and colocation in the tens of millions of dollars.