The Securities and Exchange Commission (SEC) increased its activities in 2019 and market stakeholders think this is just the beginning.
Last year, the US regulator brought in 862 enforcement actions. Of those, 526 were standalone enforcement actions, representing an almost 7% increase from the fiscal year of 2018 when the SEC brought in 490) standalone enforcement actions.
“The [actions] reflect the division’s focus on rooting out misconduct that can do significant harm to investors and our markets, and the focus the division places on identifying wrongdoing and taking prompt action to effectively help harmed investors,” said Jay Clayton, chairman of the SEC, when announcing the results of the SEC’s actions in 2019.
“Across a broad array of cases, the enforcement staff has continued to show determination, sophistication, and thoughtfulness in detecting and deterring bad conduct and crafting meaningful remedies.”
For MirrorWeb, the RegTech company, the increase in activity from the financial watchdog represents an increased need for businesses to take heed.
“[It’s] clear the SEC is more active than ever in its enforcement of how record keeping rules are met,” MirrorWeb wrote in a blog, saying it expected the SEC to “continue to focus on this area for the immediate future.”
The RegTech firm added that “the need for reliable and best practice record keeping and archiving solutions has never been clearer.”
Copyright © 2018 RegTech Analyst
