Financial reporting and disclosure enforcement is a perennial priority for the U.S. Securities and Exchange Commission (“SEC”), but the change in presidential administrations in January 2025 ushered in a potentially new approach to these kinds of cases. Overall SEC enforcement figures declined under the new administration—which often happens when administrations change. More significantly, however, the new administration appears to be focused on pursuing intentional misconduct, moving away from the last administration’s expansive use of strict liability and negligence-based charges to police public company reporting practices.
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