2026-04-07 22:06:27 UTC / 路透社
作者：克里斯·普伦蒂斯 与 卡尼什卡·辛格
2026年4月7日 美国东部时间22:06 更新于47分钟前
节点运行失败
2021年5月12日，美国华盛顿特区，美国证券交易委员会（SEC）总部内的SEC印章。摄于2021年5月12日。路透社/安德鲁·凯利/档案照片 购买授权，打开新标签页
- 摘要
- SEC 2025财年执法案件下降超20%
- SEC称报告“重塑了执法有效性的衡量标准”
- 该部门因人员流失、领导层变动陷入困境
纽约/华盛顿，4月7日（路透社）——美国证券交易委员会周二表示，该监管机构“重新调整”其执法计划，使得本财年的执法案件数量下降超过20%。
SEC在一份期待已久的年度执法报告中称，在截至9月底的2025财年中，该机构共发起456起执法行动。SEC数据显示，其中近一半的行动是在2025年1月特朗普政府上台前发起的。
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广告 · 滚动继续
总罚款金额飙升至惊人的179亿美元，这主要源于一起2009年SEC最初发起的庞氏骗局案件的最终判决。若排除该案件，SEC征收的罚款和责令退赔金额为27亿美元。
而上一财年的经济救济金额为82亿美元，执法行动总数为583起。
“我们已将资源重新导向那些造成最严重损害的不当行为——尤其是欺诈、市场操纵和信任滥用——，远离那些优先追求数量和创纪录罚款而非真正保护投资者的做法，”SEC主席保罗·阿特金斯在一份声明中说道。
广告 · 滚动继续
专家和过往数据显示，在过渡期新领导层上任期间，执法活动通常会放缓。但2025年的大幅下滑表明，在共和党领导下，SEC对执法活动的看法发生了更深刻的变化。
SEC发表了一份不同寻常的声明以强调这一变化，称其年度统计数据未纳入1095起已调查潜在违规行为后结案或已整改违规行为的案件。
SEC表示，过去执法资源被“误用”以“追求数量，进而导致人们对何为有效执法产生了错误的预期”。
阿特金斯长期以来一直批评巨额企业罚款会损害股东利益。他表示，希望将执法重点重新聚焦于SEC涉及欺诈和投资者损害的核心常规案件。
在共和党领导下，SEC已不再追究涉及高额罚款的大型企业案件，还驳回了多起针对加密货币公司和高管的备受关注的案件。
SEC执法部门上月遭遇执法 director（注：此处按语境译为“执法部门主管”）突然辞职，加上特朗普执政期间大批员工离职，正陷入困境。最近一份政府报告显示，该部门在2025财年流失了18%的员工。
克里斯·普伦蒂斯在纽约、卡尼什卡·辛格在华盛顿报道；妮娅·威廉姆斯与斯蒂芬·科茨编辑
我们的准则：汤森路透信托原则。
US SEC enforcement activity drops dramatically as agency ‘resets’
2026-04-07 22:06:27 UTC / Reuters
By Chris Prentice and Kanishka Singh
April 7, 2026 10:06 PM UTC Updated 47 mins ago
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The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab
- Summary
- SEC enforcement cases fell over 20% in fiscal 2025
- Report ‘resets the measure of enforcement effectiveness’, SEC says
- Division reeling from staff losses, leadership changes
NEW YORK/WASHINGTON, April 7 (Reuters) – Enforcement cases brought by the U.S. Securities and Exchange Commission fell more than 20% in the latest fiscal year as the regulator “recentered” its enforcement program, the agency said on Tuesday.
The SEC brought 456 enforcement actions in the fiscal year that ran through the end of September, the agency said in a long-awaited annual enforcement report. The regulator brought nearly half of those actions before the start of the Trump administration in January 2025, SEC data showed.
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Total monetary penalties surged to a whopping $17.9 billion, largely due to a final judgment in a Ponzi scheme case the SEC originally brought in 2009. Excluding that case, the SEC levied penalties and disgorgement of $2.7 billion.
That compares to $8.2 billion in financial remedies and 583 actions a year earlier.
“We have redirected resources toward the types of misconduct that inflict the greatest harm – particularly fraud, market manipulation, and abuses of trust – and away from approaches that prioritized volume and record-setting penalties over true investor protection,” SEC Chairman Paul Atkins said in a statement.
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To be sure, enforcement activity typically slows during transition years as new leaders come into the building, according to experts and past data. But 2025’s dramatic decline points to a deeper change in how the SEC views enforcement activity under Republican leadership.
In an unusual statement underscoring that change, the SEC noted that its annual statistics did not include 1,095 matters in which potential violations were investigated and later closed or practices were remediated.
Enforcement resources were “misapplied” in the past to “run up numbers, and in turn, led to misguided expectations on what constitutes effective enforcement,” the SEC said.
Atkins has long criticized large corporate penalties for harming shareholders. He has said he wants to refocus enforcement on bread-and-butter SEC cases involving fraud and investor harm.
Under Republican leaders, the SEC has moved away from large corporate cases with steep penalties and has also dismissed numerous high-profile cases against crypto firms and executives.
The SEC’s enforcement division has been reeling from the sudden resignation of its enforcement director last month and a mass exodus of staff under the Trump administration. The division lost 18% of its staff in fiscal 2025, a recent government report showed.
Reporting by Chris Prentice in New York and Kanishka Singh in Washington; Editing by Nia Williams and Stephen Coates
Our Standards: The Thomson Reuters Trust Principles.
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