In addition to going to court to seek sanctions, the Securities and Exchange Commission may impose civil money penalties in its own administrative proceedings on any person who violates, or causes a violation of, the federal securities laws. Unlike federal district courts, administrative law judges do not have authority to base penalties on respondents’ pecuniary gains resulting from violations. Instead, under the various penalty statutes, maximum penalties in administrative proceedings are based on “each act or omission” violating, or causing a violation of, the federal securities laws.