SEC enforcement penalties have dropped to their lowest level in 18 years, according to Wall Street’s main regulator.
The Securities and Exchange Commission collected roughly $1 billion in penalties last year, marking the smallest total since the 2008 financial crisis.
The decline represents a sharp shift for an agency that has historically levied large fines against financial firms and public companies.
The figures reflect enforcement activity during the most recent fiscal year and cover penalties obtained through the SEC’s various enforcement actions.
The drop comes amid changes in leadership and enforcement priorities at the agency over the past year.
Legal experts and former officials have noted that fewer large cases and smaller settlement amounts contributed to the lower total.
The 2008 comparison is significant because that year marked the height of the financial crisis, when enforcement activity was similarly constrained.
It remains unclear whether the trend will continue into the next fiscal year as the agency adjusts its enforcement approach.
