SEC Enforcement Activity for Fiscal Year 2025: A Tale of Two Halves
The US Securities and Exchange Commission (SEC) filed 506 enforcement actions in Fiscal Year 2025 (FY25) – the lowest annual total in eight years, according to a new Brattle analysis. The slowdown was largely driven by an unprecedented decline in enforcement during the second half of the year.
In “SEC Enforcement Activity for Fiscal Year 2025: A Tale of Two Halves,” Senior Associate Adrienna Huffman and Principal Jan Jindra compare FY25 enforcement activity to historical patterns from FY18–FY24. The analysis highlights a sharp divide between the first and second halves of the year, coinciding with leadership transitions under Acting Chair Mark Uyeda and Chair Paul Atkins, and examines trends by allegation type, respondent composition, and parallel criminal indictments.
The full report is available below.
