he Securities and Exchange Commission’s director of the Enforcement Division, Margaret Ryan, stepped down this week after only a little more than half a year on the job. Sam Waldon, who served as head of enforcement before Ryan, will return to the role as acting director.
During her time in the office, Ryan oversaw what the SEC calls a “course correction” within the division, which it says enabled it to refocus on prioritizing cases that provide meaningful investor protection and strengthen market integrity, rather than technical rule violations with no charges of investor harm. She also allocated division staff toward addressing misconduct such as fraud, market manipulation, and abuses of trust, emphasizing holding individuals accountable for their wrongdoings, promoting stronger deterrence, and better safeguarding investors, according to the SEC.
“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Ryan. “As I recently said, I did not seek the role of Director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape—working together with Chairman Atkins—will continue to serve investors and the markets well.”
Under Ryan, enforcement actions at the SEC reached multi-year lows in the 2025 fiscal year, following the leadership transition from SEC Chair Gary Gensler to Paul Atkins. The SEC filed 313 new enforcement actions in 2025, a 27 percent decrease from fiscal year 2024 and the lowest in a decade. Actions against public companies and subsidiaries dropped 30 percent from 2024, with 93 percent of the year’s total actions initiated during the first quarter under Gensler.
Only four actions against public companies were initiated after January 2025 under the new administration, the lowest since 2013. Total monetary settlements for public companies declined by 45 percent, the lowest since 2012. Additionally, the SEC initiated only 10 accounting and auditing actions, a 68 percent decrease from 2024. The main reasons for the decline include leadership changes, new strategies, staffing adjustments, reorganization, and case dismissals. Despite the overall decrease, the SEC says Atkins is prioritizing retail investor protection, cross-border fraud, AI washing, and insider trading. 