Led by Chair Paul Atkins, the U.S. Securities and Exchange Commission (SEC) in fiscal year 2025 (FY2025) pivoted sharply from overly aggressive enforcement that at times exceeded the legal boundaries of its authority in favor of a back-to-basics approach focused on “rooting out fraud and remedying investor harm.” Thus far in FY2026, this more restrained approach has continued. With respect to asset management enforcement specifically, the Atkins Commission has brought a mix of actions similar to those it filed in FY2025, and at a comparable pace. Read on for a discussion of the top trends in FY2026 SEC asset management enforcement and what might lie ahead for the rest of the fiscal year and beyond. Read our full report.
