At a glance
- The decline was 71% from 56 in fiscal 2025, according to a November report from Cornerstone Research and the NYU Pollack Center for Law & Business.
- The median settlement fell to $1 million from $4 million, and 63% of settling defendants paid anything, compared with a 92% average from fiscal 2017 to 2025.
- Advisory firms cannot read the decline as lower enforcement risk because the data cover issuers, not SEC actions against advisers.
SEC enforcement against public companies and their subsidiaries fell to 16 actions in fiscal 2026, the lowest since tracking began in fiscal 2010, InvestmentNews reported.
The decline was 71% from 56 in fiscal 2025, according to a November report from Cornerstone Research and the NYU Pollack Center for Law & Business.
Monetary settlements totaled $184 million, the lowest in the database and more than $600 million below fiscal 2025. The median settlement fell to $1 million from $4 million, and 63% of settling defendants paid anything, compared with a 92% average from fiscal 2017 to 2025. No defendant in a public company or subsidiary action admitted guilt.
Advisory firms cannot read the decline as lower enforcement risk because the data cover issuers, not SEC actions against advisers.
Fewer cases and smaller settlements than a year ago
SEC actions against public companies and subsidiaries, fiscal 2025 vs fiscal 2026
Fiscal 2026
16 actions
- Median settlement
- $1M
- Average settlement
- $12M
Fiscal 2025
56 actions
- Median settlement
- $4M
- Average settlement
- $15M
Show as table
| Fiscal 2026 | Fiscal 2025 | |
|---|---|---|
| Figure | 16 actions | 56 actions |
| Median settlement | $1M | $4M |
| Average settlement | $12M | $15M |
Reported by the RIA desk from InvestmentNews. Published . Corrections