Paul Leder, a former senior official at the U.S. Securities and Exchange Commission (SEC), commented on a recent public statement by SEC Commissioner Hester Peirce about conditions imposed by the agency in connection with the granting of a temporary waiver to Credit Suisse Group AG's investment advisor affiliates. The agency action was required because another component of the Group had recently pled guilty to a criminal offense, which, absent the waiver, would have affected the registration of the investment advisors. Leder connected the conditions to a long-standing debate within the agency about whether waivers should be granted to companies involved in violations of law. Leder said "I think what the Commission has done here is attach some bells and whistles to a waiver so that it doesn't look like it was automatically granted without any costs associated with it, as a way to address criticism of prior waivers." He also noted that the conditions did not appear to be especially onerous.