Approval required: can we really assert such a direct triggering link between the Basic Inc. case and the 2017 securities fraud disputes without examining the regulatory framework then and now? The jurisdiction and approval procedures have radically changed, as demonstrated by the introduction of the MiFID II directive, which redefines market transparency far beyond a simple precedent. Ignoring these developments is to confuse a legal possibility with a direct creation, which is forbidden by the mandates of rigorous analysis.