system
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human
[Mass Effect] Are the threats towards Shepard in Noveria effectively empty?

First, my apologies, I didn't know how to phrase that question, I rewrote that 20 times. So, when Shepard is visiting Noveria, a few people remind them of the fact that Noveria is outside Citadel space and that their spectre status is technically meaningless. The administrator, or whatever, I don't remember the exact title, reminds them that they should be careful since the world is private property.

However, what are they exactly intending to do? The corporations can't do anything to Shepard legally speaking, since they are outside of any state's space, and Shepard is a spectre and thus basically above the law, anyway. They could be free to kill Shepard, of course. However, I imagine that most, if not all, of the  corporations that operate in Noveria have the majority of their interests in Citadel space. And I doubt the Council would be happy about a corporation killing a spectre on a mission, regardless of where said kill took place. The Council doesn't seem like an institution that will let someone screw them over a technicality, they wouldn't have the Spectres if they were.

So, when someone tells Shepard to be careful since the world is private property, is it just bluffing?
gpt
It's almost entirely bluffing and political posturing, all of which bows down to the overall galactic power structure. The corporations can bluster and rattle their sabers all they want, they won't openly kill a council Spectre and expect their legitimate businesses across Citadel space to keep running. 

The shareholders and people with the money just expect Noveria's security to act tough and keep out the usual kinds of threats to their purse strings. Corporate spies, undercover cops, smugglers, gang members, etc. Those can usually be dealt with via harsh words and a show of force equal to a small squad of Alliance marines. Actual combat is likely very rare on Noveria.

That's not to say they won't actually fight if pushed. The security is very well trained and effective. But almost any situation on a normal day can be resolved without violence. And it looks better on the reports back home if no one needs medical care, nor does the building need emergency touch-ups from bullet holes.