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ARTICLE · 25 AUGUST 2022

The FCA And SEC Annual Reports – 2022 Comparison

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As competent authorities of financial markets in their respective jurisdictions, the U.S. Securities and Exchange Commission (SEC) and UK's Financial Conduct Authority (FCA)...

United StatesFinance and Banking
Helen Marshall
Helen Marshall
Ezra Zahabi
Ezra Zahabi
Joe Hewton
Joe Hewton
Peter I. Altman
Peter I. Altman
Michael Asaro
Michael Asaro
James J. Benjamin Jr.
James J. Benjamin Jr.
Paul W. Butler
Paul W. Butler
Charles F. Connolly
Charles F. Connolly
Estela Diaz
Estela Diaz
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Key Points

  • The SEC and the FCA each publish annual reports, which can offer a useful insight into their enforcement actions.
  • The data in the reports only represents a snapshot of the regulators' activities, but is nevertheless helpful for identifying trends, themes and priorities in the regulators' approach to enforcement.
  • The FCA opened more cases this year compared to the previous year, whilst the SEC opened fewer cases this year than it opened last year. The SEC imposed a much larger quantum of penalties compared to the FCA. Investigations continue to take a very long time to be resolved.
  • Both regulators continue to open investigations in a wide variety of areas, although misconduct remains focused in the same core categories as previous years. This includes matters involving unauthorised business, insider dealing, the retail sector, crypto assets and investment advisors.

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