SEC enforcement actions dropped sharply in the fiscal year that ended Sept. 30, particularly against public companies, two new studies show. In fairness, this reduced enforcement output reflects entirely on the work of the prior SEC administration, not even negatively, if for no other reason than the normal gestation period for SEC enforcement cases. First, and likely most significant, is SEC enforcement investigations are complex and take time to develop. Previous SEC Chair Mary Jo White left the SEC in January 2017. Both Piwowar and Commissioner Kara Stein comprised a quorum and needed to agree on all enforcement recommendations; meanwhile, their perspectives on the enforcement program differed.

Source: Forbes November 21, 2017 12:56 UTC