[manarth]

  We don’t see any reason they would submit information that wasn’t truthful

This statement seems excessively naive for a Director of Regulatory Compliance.

It's one thing to suggest that in general, the companies are believed to be honest. That's a fairly reasonable statement.

It's another thing to be blind to the benefits of giving untruthful information. If all companies were honest and compliant, there would be no need for a Director of Regulatory Compliance.

[brazzledazzle]

Some people think that there is no need and they take political and regulatory positions specifically to undermine regulations. Something to think about when someone in a position to impact regulatory effectiveness does something that seems incomprehensible.

But it's not always the case, sometimes people are just thick or we lack a complete picture.