Updated SEC Enforcement Manual Emphasizes Transparency, Consistency And Efficiency

On February 24, 2026, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) Division of Enforcement (“Enforcement Division”) announced significant updates to its Enforcement Manual (the “Manual”), marking the first major revision since 2017. The SEC said the changes are intended to reinforce fairness, transparency, efficiency, and consistency, and the Commission also indicated that the Manual will now undergo annual review.

The SEC framed the revisions as part of a broader effort to protect investors and maintain fair and efficient markets. Chairman Paul S. Atkins described the revisions as a “long-overdue step,” while Enforcement Division Director Margaret A. Ryan said the updates are intended to improve public understanding of how the SEC enforces federal securities laws.