His comment included, from the very outset, unambiguous wording in plain English refering to quiet periods generated because of the entites themselves AND quiet periods generated because of the SEC.
If you would be so kind, why don't you do the graceful thing and admit you have been arguing a point about which you have been wrong and stop trying to argue that he was only talking about the SEC? In fact, would it be too much to ask you to try to be generally less argumentative altogether?