Takeaways
Judge Ryan’s first public remarks are a timely guide to the enforcement priorities of the current administration. Like Chairman Atkins, Judge Ryan criticized the aggressive approach by the prior administration and emphasized her plan to focus on fraudulent conduct that harms investors. Judge Ryan also signaled a more balanced—but not hands-off—approach to non-fraud rule violations, indicating that the Division will pursue some but not all such actions and would consider creative resolutions. We will be following closely the Enforcement Division’s case selection to see how it applies these principles in practice.
Source: SEC enforcement director outlines priorities in first public remarks | Davis Polk