New Brattle Report Finds SEC Enforcement Remained Low in FY26 Despite Late-Year Pickup

New Brattle Report Finds SEC Enforcement Remained Low in FY26 Despite Late-Year Pickup

PR Newswire

SAN FRANCISCO, Oct. 20, 2026

SAN FRANCISCO, Oct. 20, 2026 /PRNewswire/ -- A new report from The Brattle Group estimates that the US Securities and Exchange Commission (SEC) filed 308 enforcement actions in fiscal year 2026 (FY26) – 57% below the FY18–FY25 annual average of 710. Activity rose from 93 actions in the first half to 215 in the second, including 99 in September alone. Even so, the second-half total was lower than in every comparable period from FY18 through FY24.

In SEC Enforcement Activity for Fiscal Year 2026: A September Pickup Amid a Continued Slowdown, Brattle Senior Associate Adrienna Huffman and Principal Jan Jindra draw on their dataset of SEC enforcement actions dating to FY18 to examine annual and monthly activity, respondent types, allegation categories, and actions with parallel criminal indictments. FY26 began with a government shutdown and included changes in Enforcement Division leadership and procedures.

"Several developments shaped the context for enforcement this year, including the government shutdown, persistently low staffing levels, and a change in Enforcement Division leadership," said Dr. Jindra. "Filings increased substantially in the second half, particularly in September, but the annual total remained far below historical levels."

The report also finds:

• In five of six months, H2 FY26 activity exceeded H2 FY25 levels, though it remained below the FY18–FY25 monthly averages throughout.
• Securities Offerings and Delinquent Filings were the most frequent allegation categories, each accounting for 21.4% of FY26 actions. Insider Trading reached its highest share since FY18, at 12.3%.
• Actions against individual respondents alone accounted for 54.8% of actions in H1 FY26, but 40.5% in H2. The full-year proportion fell toward the upper end of the FY18–FY25 range.
• Although SEC announcements identified parallel criminal indictments in 7.5% of FY26 actions, the authors' search of public records puts the estimated proportion at 16.9%, or 52 actions.

"We expect a partial rebound in FY27, with 350 to 450 enforcement actions compared with an estimated 308 in FY26," said Dr. Huffman. "Even at that level, activity would remain well below the FY18–FY25 average. The coming year will show whether September's pickup develops into a more sustained increase in filings."

The full report is available on Brattle's website: https://www.brattle.com/insights-events/publications/sec-enforcement-activity-for-fiscal-year-2026-a-september-pickup-amid-a-continued-slowdown/.

ABOUT BRATTLE
The Brattle Group is a global consulting firm specializing in economics and finance. With 550+ professionals across North America, Europe, and Asia-Pacific, Brattle provides independent analysis in litigation, energy and financial markets, and regulatory and strategic advisory settings. For more information, please visit brattle.com.

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SOURCE The Brattle Group