News & Insights: Enforcement

SEC Rescinds Gag Rule: Ending 50 years of No-Admit/No-Deny Settled Enforcement Actions

On May 18, 2026, the SEC rescinded the “no-admit/no-deny” policy under Rule 202.5(e), which stated that when the Commission imposes a sanction, it will not accept a settlement unless the defendant or respondent agrees never to publicly deny the allegations in the complaint or administrative order.

SEC Settles Cherry-Picking Case Involving Advisory Firm and Its CCO

The SEC recently settled an enforcement action against an investment advisory firm and its Chief Compliance Officer involving an alleged “cherry-picking” scheme.

SEC Enforcement Action for Valuation Practices of Private Fund Manager

On February 25, 2026, the SEC announced settled charges against an investment adviser for selling loans to private fund clients without determining whether those trades were at fair market value. Lack of a fair market value determination was contrary to the advisory agreements and other disclosures to private fund investors.

Director of SEC Division of Enforcement Loses Authority to Issue New Investigations Without Commission Approval

In a 3 to 2 decision, a final amended rule was passed by the Securities and Exchange Commission (“SEC”), removing the authority of the Director of the Division of Enforcement to issue formal orders of investigation. 

CTA Beneficial Ownership Reporting Delayed, and Treasury Department Suspends Enforcement for U.S. Reporting Companies

After several preliminary injunctions were lifted it appeared that the CTA and its required reporting of beneficial ownership information were back on. In the announcement, FinCEN granted an additional 30-day extension to the reporting deadline, placing the new deadline on March 21, 2025.

SEC Announces Record Quarter for Number of Enforcement Actions

The SEC announced on January 17, 2025, that they have filed a total of 200 enforcement actions in the first quarter of fiscal year 2025, including 118 standalone enforcement actions. The Division filed 75 actions in the month of October alone.

SEC Off-Channel Enforcements: Twenty-Six Firms to Pay More Than $390 Million in Settlements

On August 14, 2024, the SEC announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.

SEC Releases FY 2023 Enforcement Results

On November 14, 2023, the SEC released its FY 2023 Enforcement Results. In FY 2023 results, the SEC included how many enforcement actions and standalone enforcement actions were filed along with the price of penalties, disgorgement, and amount returned to harmed investors.

Private Equity Firm Will Pay $20.5 Million Following Fee Disclosure Enforcement

On September 5, 2023, the SEC charged private equity firm Prime Group Holdings LLC with “failing to disclose millions of dollars of real estate brokerage fees” that a fund managed by the firm paid to the firm’s affiliate.

The SEC’s First Enforcement of Liquidity Rule Violations

On May 5, 2023, the SEC announced its first-ever enforcement of the Liquidity Rule by charging Pinnacle Advisors LLC, an investment adviser, with “aiding and abetting Liquidity Rule violations” regarding one of its mutual funds.

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