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A fear that lives, loves, survives and flourishes in the febrile imagination of a young legal clerk, and out of which many never entirely grow, that Arthur might be regarded by the authorities who watch over us as Martha; Glen as Glenda, a synthetic prime brokerage trade be deemed to be a (taxable) cash equity trade, a title transfer collateral arrangement treated as an unregistered (and therefore imperfect) security interest, a credit derivative ruled an unregulated insurance contract and so on and so on and so on.
Don’t scoff: your livelihood depends on chicken-lickeny risks like this being taken seriously.
See also
Chicken licken