Former judge Margaret Ryan became the Director of the Securities and Exchange Commission’s Division of Enforcement in September 2025. But it was not until last week, in February 2026, that she made her first public speech as Director. Judge Ryan’s remarks are notable because they rejected the idea that SEC enforcement is not a priority
On December 2, 2025, the U.S. District Court for the Southern District of New York approved a settlement between the U.S. Securities and Exchange Commission (SEC) and a broker-dealer for policy and procedure violations and a $2.5 million penalty. As part of the settlement, the SEC also abandoned negligence-based fraud claims against the broker-dealer and
On August 27, 2025, the U.S. Court of Appeals for the Second Circuit issued an opinion highlighting that, when public companies disclose risks using hypothetical language, those disclosures may be deemed misleading if the risks have already materialized. See City of Hialeah Employees’ Ret. Sys. v. Peloton Interactive, Inc., — F.4th —, 2025 WL
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) brought enforcement actions against a public company and one of its executives for materially misleading statements. Although disclosure fraud cases are nothing new for the SEC, they have been a rarity thus far during the tenure of Chairman Paul S. Atkins. So, these cases
On August 11, 2025, the U.S. Securities and Exchange Commission (SEC) brought two settled administrative proceedings against a broker-dealer and one of its registered representatives for violations of Regulation Best Interest (Reg BI). Reg BI generally requires a broker-dealer, when making a recommendation of a securities transaction to a retail customer, to act in the
In May 2025, we summarized the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement activity during the first quarter of the new presidential administration. With the second quarter now concluded, and Paul S. Atkins hitting his stride as the new Chairman of the SEC, we summarize below the types of SEC enforcement
On June 6, 2025, the U.S. Supreme Court denied a petition for certiorari in Navellier & Associates, Inc. v. SEC, declining to resolve a circuit split regarding the circumstances under which the U.S. Securities and Exchange Commission (SEC) may obtain disgorgement. The Navellier petition, which arose from the U.S. Court of Appeals for the
Although certain enforcement priorities of the U.S. Securities and Exchange Commission (SEC) have shifted under new Chairman Paul S. Atkins, the SEC continues to scrutinize investment advisers’ disclosures regarding the fees charged to their clients. A recent case filed on June 2, 2025, SEC v. Nagler, illustrates that the SEC’s Division of Enforcement continues
Yesterday, as part of the annual “SEC Speaks” program, the leadership of the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement publicly discussed the enforcement priorities under new Chairman Paul S. Atkins. A panel of SEC enforcement personnel, including Acting Director of Enforcement Samuel Waldon and others, shed light on the current focus of
The new presidential administration began on January 20, 2025, and change came quickly to many federal agencies, including the U.S. Securities and Exchange Commission (SEC). On Inauguration Day, Paul S. Atkins was nominated to be the new Chairman of the SEC. The next day, January 21, Commissioner Mark T. Uyeda was named Acting Chairman to