How to review a source-linked regulatory memorandum

Begin with the assignment.

A regulatory memorandum should make it possible to move from the question to the relevant authority and then to the application of that authority. Check each connection.

Confirm the activity, entities, jurisdiction, relevant date and intended audience. A correct statement about a different business or time period can still be the wrong answer to the client’s question.

Open the authority.

Read the provision in context. Confirm that the citation identifies the source actually relied on, that the quoted language is accurate, and that definitions, exceptions and effective dates have not been lost. Check for developments after the source date. Do not treat the presence of a link as proof that the research is exhaustive or that citator review has occurred.

Separate fact from assumption.

Identify the facts the analysis needs, the facts actually supplied and the assumptions used to bridge any gap. Ask how the conclusion changes if an important assumption is wrong. A useful memorandum can be conditional without being evasive.

Test the application.

Look for the reasoning that connects the authority to the business activity. Does an exception remove the entire obligation or only a specified requirement? Does a source establish a rule, explain an agency view or merely provide background? Those distinctions matter to the advice.

Make the next step practical.

Resolve material questions, identify further research where needed and decide what the client should do with the analysis. Edit the memorandum for its audience only after the substance holds together.