In the most recent editions of this publication, we predicted the SEC Enforcement Division would more aggressively enforce the federal securities law than the previous administration’s Enforcement Division. While the quantity of enforcement activity in the areas of financial reporting and disclosure fraud cases has not yet exceeded that of recent years, telltale signs remain that issuers can reasonably expect enforcement activity to increase across the board as the Gary Gensler-led Commission and the Gurbir Grewal-led Enforcement Division gain their footing.