The SEC Chairman Christopher Cox explained to the securities industry compliance officers that

[T]oday, when the future is uncertain, when markets are unstable, when investor confidence is shaken, this is the time — more than ever — when we need a powerful voice for compliance.

In a line you should expect from the SEC, he warned everyone that

[W]hen a company cuts compliance, violations will occur. And if violations occur, punitive actions should and will be taken. In the current environment, that is true now more than ever. There will be no favor granted because a company made a cost-cutting decision to minimize
their compliance budget.