In Fiscal Year 2022, the SEC pursued what it described as a "robust" enforcement agenda and, according to enforcement director, Gurbir Grewal, was "working with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct in our financial markets." We see nothing to suggest this approach to enforcement will change in 2023. The Division of Enforcement will likely continue to use "every tool in its toolkit" and expect that public companies and other market participants will think rigorously about their business and appropriately tailor compliance practices and internal controls and policies to match. When there are, however, violations of the federal securities laws, we can expect the commission to seek and impose remedies that it believes meaningfully punish the wrongdoer and also deter future misconduct.