On April 7, 2026, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2025, several months later than usual. Overall enforcement numbers declined again, as expected, but FY 2025 was an unusual transition year. Significant filing activity occurred before the change in administration, and the new Commission used the release to criticize volume-driven enforcement and reset the program around fraud, investor harm, market integrity, and individual accountability.