It may not come as a surprise that many individuals as to whom we seek bars choose to litigate rather than settle with the Commission. As such, bars can be a resource-intensive remedy for the agency. But the flip side of the resources coin is a remedy that, like undertakings, can have direct, far-reaching, and positive effects for investors. As such, obtaining bars and suspensions, when warranted by the facts and circumstances, are a high priority for the Division.. . .[P]enalties are one of the primary enforcement tools we have to incentivize regulated entities to remain in compliance with the rules that protect investors. Stephanie and I embrace this rationale, and you can expect us to apply it throughout our tenure as Co-Directors.But the analysis with respect to corporate issuers with a class of securities registered with the SEC often involves additional considerations that don't uniformly apply in matters involving regulated entities. Such issuers are required by statute and regulation to file public periodic and annual reports and financials, and to have policies, procedures, and controls in place to enable them to satisfy their obligations concerning the accuracy, completeness, and timeliness of such filings. Using enforcement to promote the integrity of issuers' public filings -- which are central to the sound functioning of our capital markets -- is a critical part of our mandate. So in matters involving corporate issuer misconduct, decisions about whether to recommend the assessment of penalties require careful and thoughtful balancing of many factors including, of course, the nature of the misconduct.