The U.S. Securities and Exchange Commission (SEC) has released its enforcement results for the fiscal year ending September 30, 2025, reporting 456 enforcement actions and $17.9 billion in total monetary relief obtained through penalties, disgorgement, and other remedies.
According to the regulator, the actions included 303 standalone enforcement cases as well as 69 follow-on administrative proceedings. These follow-on actions typically seek to bar or suspend individuals from participating in securities markets following criminal convictions, civil injunctions, or other regulatory orders.
The SEC said the cases addressed a wide range of misconduct that directly harms investors and undermines the integrity of U.S. financial markets. These included offering fraud, market manipulation, insider trading, issuer disclosure violations, and breaches of fiduciary duty by investment advisers.
However, the commission emphasized that fiscal year 2025 represented a period of transition for the enforcement division.
Officials noted that the period was marked by a rush of enforcement activity before the U.S. presidential inauguration, as well as the pursuit of legal theories under the previous commission that the current leadership believes stretched the scope of federal securities laws.
As part of a shift in strategy, the SEC said it is refocusing its enforcement program on cases involving fraud and misconduct that cause clear investor harm. Such investigations often require significant time and resources, sometimes taking two or more years to develop before formal charges are filed.
The commission also pointed to enforcement actions brought in recent years against firms for failing to maintain off-channel communications records. Since fiscal year 2022, regulators have filed 95 such cases, imposing roughly $2.3 billion in penalties.
The current commission argued that these cases did not demonstrate direct investor harm and represented a misallocation of regulatory resources.
SEC Chairman Paul S. Atkins said the agency is working to end what he described as “regulation by enforcement” and instead prioritize cases that strengthen market integrity and provide meaningful investor protection.
Commissioner Mark T. Uyeda echoed the sentiment, saying the SEC will focus on transparent policymaking while ensuring enforcement actions are guided primarily by the goal of protecting investors and maintaining fair financial markets.
