Although the SEC’s Division of Enforcement has not officially released its official enforcement figures for fiscal year (FY) 2026, preliminary statistical analysis is possible using the Commission’s published litigation releases and administrative proceedings. By that unofficial review, the SEC closed FY2026 with approximately 317 enforcement actions, which is its lowest total in at least two decades and is about 30 percent below the 456 actions it reported for FY2025. Despite the SEC’s reduced enforcement activity in FY2026, it would be a mistake for fund managers to misconstrue that as a sign of things to come. The pace under Chairman Paul S. Atkins has been steady at about 21 enforcement actions per month, and the fiscal year ended with the busiest quarter of his tenure. Further, the leadership’s stated priorities and the year’s significant actions point to three areas to watch in FY2027: investment advisers and private asset valuations; accounting and financial reporting; and insider trading. In a guest article, StoneTurn partner Daniel Brinks analyzes the evolution of the SEC’s leadership and philosophy during Chairman Atkins’ tenure; the FY2026 enforcement statistics measured against prior administrations; process reforms under Chairman Atkins; the three primary focus areas of the Commission’s FY 2026 enforcement efforts as well as other relevant enforcement themes; and what fund managers can expect in FY2027. For more insights from Brinks, see “Return of the Scienter Standard: Rule 206(4)‑8 and the SEC’s Renewed Focus on Individual Accountability” (Sep. 17, 2026).