At a Glance

  • The U.S. Securities and Exchange Commission (SEC) said in a press release Monday that its head of enforcement,Margaret A. Ryan, has resigned, without stating a reason for her departure.
  • Ryan had been appointed to the role by SEC Chairman Paul S. Atkins only about six months ago. In a statement in the press release, Atkins said Ryan "served with honor and distinction" and that "under her leadership, the Division of Enforcement has refocused on enforcing the nation's securities laws, with a priority on pursuing fraud."
  • The SEC has designated Principal Deputy Director Sam Waldon as acting head of enforcement starting Monday and said it expects to name a permanent successor to Ryan within weeks.

Deep Dive

Ryan's sudden resignation raises fresh questions about whether SEC enforcement actions will accelerate orcontinue to declineduring President Donald Trump's second term. According to data from economic and financial consulting firm Cornerstone Research, the SEC filed 10 accounting and auditing enforcement actions in 2025, down from 31 in 2024 and the lowest in nine years.

An SEC spokesperson declined to respond to questions about the reason for Ryan's departure or her future plans.

In the role of enforcement director, which sets the strategic tone for the SEC's key division, Ryan brought "a clearer message around transparency, fairness, accountability, and principled enforcement" during her brief tenure, Jasmine Sorrentino, a litigation partner at Holland & Knight, wrote in a LinkedIn post.

“This could affect enforcement priorities,reshape settlement positions, and change the tone of the division's work," Sorrentino said of Ryan's departure in the post. "This is the time to stress-test open investigations and ongoing litigation."

By contrast, Jerome Tomas, a partner in Baker McKenzie's dispute resolution practice, argued that Ryan's departure does not signal an imminent major shift in SEC enforcement policy, especially given that several deputy directors of enforcement hired during her tenure will remain in place.

"Of course, the enforcement director plays an important role in shaping enforcement policy, but it is clear that the Division of Enforcement takes its cues from the full Commission," Tomas wrote in an emailed comment to CFO Dive. "Tweaks at the margins? Perhaps. But I expect little more than that."

In her statement in the press release, Ryan made clear she did not actively seek the SEC job. "Rather, the job found me. For that, I am grateful," Ryan said.

Ryan, a graduate of Notre Dame Law School, is a former Marine Corps officer and military judge who also served on the U.S. Court of Appeals for the Armed Forces. In a speech last month, she said the division's operations needed a "course correction" and expressed commitment to the mission of enforcing securities laws and protecting investors.

"...Reports that SEC enforcement efforts have been shelved are not onlygreatly exaggerated, they are simply wrong," she said, according to the text of a speech she gave on Feb. 11 to the Los Angeles County Bar Association. "But I will say that I care more about the quality and impact of the enforcement actions we bring than about chasing numbers."

Separately, an SEC spokesperson on Tuesday declined to comment on a Wall Street Journal report that the SEC is preparing a proposal to eliminatequarterly earnings disclosure requirements. The report cited unnamed "people familiar with the matter."