While in the minority at the Commission, Mr. Giancarlo was constantly forward-thinking on developing legal issues such as cybersecurity, while being attentive to economic issues and consequences (such as global market fragmentation). As Chair, he has worked to improve existing rules (e.g. project KISS). He has managed this while avoiding no-win partisan arguments. If Members of Congress were looking for a model of a good regulator, Mr. Giancarlo would be high on the list.

Chair…

A lot of work and two years' time for ,118 - on which he would have had to pay taxes.

There may be no other place in regulation where the tension between (i) adopting regulations that protect retail investors and (ii) imposing regulatory costs that are passed on to retail investors is so obvious. Over time, it seems that regulators tend to focus more and more on investor protection and to ignore the costs. It is important to revisit the trade-offs, as Commissioner Peirce urges.

It was notable that the law firm representing the whistleblowers disclosed the enforcement case as to which the award was made. Given that violations of Rule 15c3-3 would likely only be spotted by persons working in close proximity to the relevant misconduct, it raises a question as to whether the identity of the whistleblowers can be determined. Perhaps, given the size of the awards, the whistleblowers did not care whether their identities were known as they no longer need to work.