Marketing, off-channel messages figure heavily in SEC enforcement priorities


Marketing and social media infractions, off-channel texting on WhatsApp and other messaging services and cryptocurrency scams all topped the SEC’s list of regulatory priorities this past year.

The Securities and Exchange Commission confirmed on Tuesday that the nearly $5 billion in enforcement penalties it brought in in its 2023 fiscal year, which ended on Sept. 30, was the second largest haul in the agency’s history. It was topped only by the figure for fiscal year 2022, when the Wall Street regulator collected more than $6.4 billion in fines and other charges

The SEC was at pains to show in a release Tuesday that the smaller regulatory haul for fiscal 2023 did not result from any slackening zeal in its enforcement division. The roughly $4.95 billion in regulatory penalties and fines it levied came from 784 enforcement actions, a figure up 3% year over year. 

“Last fiscal year’s results demonstrate yet again the Division’s effectiveness—working alongside colleagues throughout the agency—in following the facts and the law wherever they lead to hold wrongdoers accountable,” SEC Chairman Gary Gensler said in a statement.

READ MORE: Nitrogen CEO Aaron Klein stepping down after 12 years, passes the torch to firm’s new leader

For more insight into trends and themes in the SEC’s 2023 enforcement actions, scroll through the cardshow below.


Source link