Well, that’s one interpretation of hands-off leadership. Amid a shift in Securities and Exchange Commission leadership, the agency took 56 enforcement actions against public companies in fiscal 2025, a 30% drop from fiscal 2024, according to an analysis of SEC enforcement activity from Cornerstone Research and the NYU Pollack Center for Law & Business. The report covered SEC data up to November 14, 2025. Declines in enforcement activity are “consistent with the general pattern for other fiscal years when the SEC administration changed,” the report’s authors noted. What’s more notable, however, is when these enforcement actions occurred, given the leadership turnover. More than nine in 10 (93%) of the enforcement actions taken in fiscal 2025 occurred before former SEC Chair Gary Gensler stepped down on January 20. Once acting Chair Mark Uyeda and Chair Paul Atkins took over later in the year, only four enforcement actions were taken, marking “the lowest number of actions initiated by a new SEC administration during its first fiscal year since at least FY 2013,” the report said. Keep reading.—NP |