SEC Enforcement Director Outlines Priorities, Emphasizes Transparency

Judge Margaret Ryan's first public remarks highlight focus on retail fraud, market integrity, and compliance remediation

Feb. 25, 2026 at 11:50am

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In her first public remarks as director of the SEC's Division of Enforcement, Judge Margaret Ryan outlined her priorities, including a focus on retail investor fraud, accounting fraud, insider trading, and market manipulation. She also emphasized the importance of compliance with public company reporting, books and records, and financial responsibility rules, and signaled openness to 'thoughtful resolutions' that address perceived compliance deficiencies.

Why it matters

Judge Ryan's statements provide insight into the enforcement direction under the new SEC leadership, signaling a shift in priorities and approach compared to the prior administration. Her focus on retail investor protection, market integrity, and compliance remediation could have significant implications for companies and individuals under SEC investigation.

The details

In her remarks, Judge Ryan announced several changes to the SEC's Wells process, including extending the response time for potential respondents from two weeks to four weeks and requiring a member of the 'enforcement senior leadership team' to attend every Wells meeting. She also stated that 'fairness' is not 'weakness' and that 'deliberate circumvention of the [Wells] process' would be viewed unfavorably.

  • On Aug. 21, 2025, Judge Margaret Ryan was named the SEC's director of the Division of Enforcement.
  • On Feb. 11, 2026, Judge Ryan made her first public remarks at the Los Angeles County Bar Association's 56th Annual Securities Regulation Seminar.

The players

Judge Margaret Ryan

The new director of the SEC's Division of Enforcement, a former senior judge of the United States Court of Appeals for the Armed Forces.

Paul Atkins

The current chairman of the SEC, whose prior remarks have influenced Judge Ryan's enforcement priorities.

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What they’re saying

“We must return to the basics, with fairness and a focus on timely resolution of cases, and the quality and impact of our enforcement actions over quantity.”

— Judge Margaret Ryan, Director, SEC Division of Enforcement (Los Angeles County Bar Association's 56th Annual Securities Regulation Seminar)

“Ensuring compliance with public company reporting, books and records and internal control requirements, and broker-dealer 'financial responsibility rules' and investment adviser fiduciary duties is also important in instances where the noncompliance poses a risk to investors or market integrity, or where the participant gained a benefit.”

— Judge Margaret Ryan, Director, SEC Division of Enforcement (Los Angeles County Bar Association's 56th Annual Securities Regulation Seminar)

What’s next

The SEC is expected to provide more details on the changes to the Wells process and the Division of Enforcement's priorities under Judge Ryan's leadership in the coming months.

The takeaway

Judge Ryan's remarks signal a shift in the SEC's enforcement approach, with a renewed focus on protecting retail investors, ensuring market integrity, and addressing compliance failures, while also emphasizing transparency and a willingness to work with potential respondents on 'thoughtful resolutions' to perceived violations.