commissioner winetraut was first appointed in 200 #, she's its longest serving member. to tell -- is there anev den sherry basis on which you can distinguish if a candidate is testing the waters versus actually running? >> there is, there are rules on this, i want to be clear that i'm not talking about what any individual is doing, there are a lot of folks out there that appear to be thinking about running for office these days and they're trying a lot of different techniques, i think the sec has an obligation to be clear about the fact that there are rules and there are clear rules. there are rules if you're a candidate, and the rules aren't that much different if you're merely exploring a candidacy. you still can only explore a candidacy using federally raised money. that's all that the law permits. and once a individual decides to become a candidate. all that money is going to have to be disclosed. since you asked, there are standards for when you cross the line from testing the waters to becoming a candidate. an actual candidate who has to register with the sec and