SEC Enforcement Actions Fall 57% Below Eight-Year Average in Fiscal 2026, Brattle Group Says

Securities and Exchange Commission enforcement actions in fiscal year 2026 dropped 57% below the eight-year average dating to fiscal 2018, weighed down by low staffing and procedural changes, the Brattle Group said Tuesday. The agency brought 308 actions, with delinquent filings and flawed securities offerings leading allegation categories, according to the study. Insider trading cases accounted for 12.3% of actions, their highest share since fiscal 2018. Brattle Principal Jan Jindra cited the government shutdown, persistently low staffing and a change in Enforcement Division leadership. Filings rose sharply in the second half, particularly in September, but the annual total stayed far below historical levels. Since becoming chairman in April 2025, Paul Atkins has redirected the division toward fraud, market manipulation and individual accountability, moving away from what he called "regulation by enforcement" under predecessor Gary Gensler. The agency cut staff 18% through September 2025, and Margaret Ryan resigned as enforcement director in March 2026, with David Woodcock succeeding her in May.