Jocelyn Near

The 2025 fiscal year (FY2025) for the U.S. Securities and Exchange Commission (SEC) ended on September 30. Rather than waiting for a reopened SEC to issue its annual enforcement results report, we have analyzed those results, which are publicly available, as well as the public remarks of current Chair Paul Atkins and other SEC officials of relevance to asset managers. The evidence underscores the stark differences between the current SEC’s enforcement program and that of previous SEC Chair Gary Gensler. Our report includes a comparison of the results of — and rhetoric around — the Gensler- and Atkins-led FY2025 enforcement programs and an assessment of what to expect from SEC enforcement in the future.

Read our full report.