U.S. Securities and Exchange Commission Enforcement Division head Andrew Ceresney on Tuesday defended the agency’s “broken windows” policy of cracking down on minor violations during a panel discussion with five former directors of the division, who argued the agency is being too harsh.

The message from SEC staff is “any violation and you’re in the soup,” said Wilmer Cutler Pickering Hale and Dorr partner William McLucas, who led the Enforcement Division from 1989 to 1998. “There’s zero tolerance.”

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