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Opinion of Commissioner Piwowar, concurring in part and dissenting in part from the opinion of the Commission

Commissioner Michael S. Piwowar

Aug. 11, 2016

Commissioner Piwowar issued a separate opinion, concurring in part and dissenting in part, from the Commission’s consideration of an appeal of an administrative law judge’s initial decision in the matter of Thomas C. Gonnella.[1] 

Commissioner Piwowar’s separate opinion can be found at


[1] Thomas C. Gonnella, Exchange Act Release No. 78532 (August 10, 2016), available at

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