since that time, the scc has issued orders and continued to issue fines and most recently in montabello and southern california and for a school district and we can expect them to continue to roll out enforcement through cease an ced desist orders and penalties. they do not regulate you directly. at the regulate under writers so they're very careful. they can, in certain circumstances, particularly for fraud, regulate municipalities correctly and they can do that without showing any financial harm unlike an investors' suit. i want to emphasize the good process aspect of staff review and higherin hiring a confidentd your review ex and your document that you are most familiar with. budget revenues and expenses. and those kinds of things. any risks that document may not contain that you are aware of. we think we've covered all the material risk but if there's something else to be included in we want to make sure your disclosure is sufficient and with that i will be happy to take any questions. >> thank you. >> is there any public comment on this item? >> seeing none. public comment is clos

since that time, the scc has issued orders and continued to issue fines and most recently in montabello and southern california and for a school district and we can expect them to continue to roll out enforcement through cease an ced desist orders and penalties. they do not regulate you directly. at the regulate under writers so they're very careful. they can, in certain circumstances, particularly for fraud, regulate municipalities correctly and they can do that without showing any financial harm unlike an investors' suit. i want