How is this not retroactive enforcement? The particular product under investigation and or litigation was around for 3 or 4 years, and while the SEC is free to

How is this not retroactive enforcement? The particular product under investigation and or litigation was around for 3 or 4 years, and while the SEC is free to reclassify financial products at will - the fact that they did so and are now attempting to extract company-destroying damages indicates that they did not particularly care.