The results are in: The SEC’s FY2025 enforcement results reflect decrease in actions – but a focus on fraud

On April 6, 2026, the Securities and Exchange Commission (SEC or the Commission) announced its enforcement results for fiscal year 2025 (FY2025). The results show a dramatic – but largely unsurprising – reduction in the enforcement activities that served as hallmarks of the last administration. As we predicted in January 2025, the SEC under the Second Trump Administration has adopted a “back-to-basics” approach, backing away from enforcement of registration-related issues, record-keeping... By: Hogan Lovells