I thought it would.  However, I created a test list with VALIDATE= ALL and
users can still do SET commands and even SIGNOFF.  Has this changed
recently?  Here are the list headers being used:
 
* Test List
*
* Subscription= Closed    Reply-To= List,Respect  Notify= Yes
* X-Tags= Yes             Stats= Normal             Files= No
* Send= Private           Confidential= Yes       Review= Owner
* Mail-via= Distribute    Validate= All           Errors-To= Owner
* Default-options= norepro,nomail
* Notebook= No
*
* Owner= whv@psuvm (Bill Verity)
*
* PW= xxxxxxxx
*