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FY 2023 Division of Enforcement Results
- On November 14th, 2023, the SEC’s Division of Enforcement released its 2023 Enforcement statistics.
- While the overall number of standalone cases increased, monetary penalties decreased slightly.
- Cases against broker-dealers steadily increased while the number of standalone Investment Company and Investment Adviser cases decreased.
- Our summary of trends is below:
Civil and Standalone APs
| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Broker Dealer | 8% | 10% | 12% |
| Delinquent Filer | 0% | 0% | 0% |
| FCPA | 1% | 1% | 2% |
| Insider Trading | 6% | 9% | 6% |
| IC/IA | 28% | 26% | 17% |
| Issuer Reporting/Audit & Accounting | 12% | 16% | 17% |
| Market Manipulation | 6% | 7% | 4% |
| NRSRO | 0% | 0% | 1% |
| Public Finance | 3% | 4% | 1% |
| Offering Fraud | 33% | 23% | 33% |
| SRO / Exchange | 0% | 0% | 1% |
| Transfer Agent | 0% | 2% | 1% |
| Other | 1% | 1% | 4% |
| Total Standalone Actions | 434 (+7%) | 462 (+6%) | 501 (+8%) |
| Total Money Ordered (in millions) | $3,852 | $6,439 | $4,949 |