Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, March 2, 2012

How Does the SEC Count its Enforcement Actions?

Both SEC Chairman Schapiro and Enforcement Director Khuzami cite increased number of enforcement actions as evidence that the restructuring of the enforcement division has produced results.  Specifically, they say  that the agency filed 735 actions in fiscal 2011, which they call a record-breaking performance.  Yet, according to a Bloomberg study, 31% of those 735 actions were not new, but follow-on administrative proceedings to institute penalties or bar people from the industry.  Excluding the follow-on proceedings, the SEC filed 499 cases in fiscal 2011, fewer than the 520 new cases filed in fiscal 2009 (the year prior to the restructuring).  Bloomberg, SEC Accounting Doesn’t Add Up in 2011 Enforcement Record Cited by Schapiro

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