Early each year, the SEC hosts its most important conference: The SEC Speaks. At the conference, the Chairman, the Commissioners, and the heads of the various divisions summarize the SEC’s activities of the previous year and indicate the SEC’s priorities and major initiatives for the coming 12 months. Though this year’s conference, scheduled for February 5-6, was curtailed to one day because of the weather, the SEC had more than enough time to make clear that its main priorities were to continue the reforms it began last year and to further its aggressive pursuit of violators through new enforcement structures and tactics.