In our experience, after a long transition, changes within the Division of Enforcement are taking shape.~~The SEC’s Enforcement Division Director recently delivered her first public remarks and provided helpful insight into the Division’s direction under her leadership. In her Remarks to the Los Angeles County Bar Association, SEC Enforcement Director Judge Margaret Ryan outlined her guiding principles, approach to enforcement process, and substantive priorities. A brief Q&A with insightful commentary from Judge Ryan followed her remarks. In our experience, after a long transition, changes within the Division of Enforcement are taking shape.~~Guiding Principles~~Enforcement Process~~Enforcement Priorities~~In addition to her prepared remarks, during a brief Q&A that followed insightful commentary covered a range of topics including on tips concerning the Wells process.~~Q&A~~The following Gibson Dunn lawyers prepared this update: David Woodcock, Osman Nawaz, and Greg Boden.~~Please view this and additional information on Gibson Dunn’s Securities Regulation and Corporate Governance Monitor:~~Gibson Dunn’s lawyers are available to assist in addressing any questions you may have regarding these issues. Please contact the Gibson Dunn lawyer with whom you usually work, the authors, or any leader or member of the firm’s Securities Enforcement, Capital Markets, or Securities Regulation & Corporate Governance practice groups:~~Securities Enforcement: Mark K. Schonfeld – New York (+1 212.351.2433, mschonfeld@gibsondunn.com) David Woodcock – Dallas (+1 214.698.3211, dwoodcock@gibsondunn.com) Jina L. Choi – San Francisco (+1 415.393.8221, jchoi@gibsondunn.com) Osman Nawaz – New York (+1 212.351.3940, onawaz@gibsondunn.com) Tina Samanta – New York (+1 212.351.2469, tsamanta@gibsondunn.com) Lauren Cook Jackson – Washington, D.C. (+1 202.955.8293, ljackson@gibsondunn.com)~~Capital Markets: Andrew L. Fabens – New York (+1 212.351.4034, afabens@gibsondunn.com) Hillary H. Holmes – Houston (+1 346.718.6602, hholmes@gibsondunn.com) Stewart L. McDowell – San Francisco (+1 415.393.8322, smcdowell@gibsondunn.com) Peter W. Wardle – Los Angeles (+1 213.229.7242, pwardle@gibsondunn.com)~~Securities Regulation & Corporate Governance: Elizabeth Ising – Washington, D.C. (+1 202.955.8287, eising@gibsondunn.com) Thomas J. Kim – Washington, D.C. (+1 202.887.3550, tkim@gibsondunn.com) Lori Zyskowski – New York (+1 212.351.2309, lzyskowski@gibsondunn.com)~~© 2026 Gibson, Dunn & Crutcher LLP.  All rights reserved.  For contact and other information, please visit us at www.gibsondunn.com.~~Attorney Advertising: These materials were prepared for general informational purposes only based on information available at the time of publication and are not intended as, do not constitute, and should not be relied upon as, legal advice or a legal opinion on any specific facts or circumstances. Gibson Dunn (and its affiliates, attorneys, and employees) shall not have any liability in connection with any use of these materials.  The sharing of these materials does not establish an attorney-client relationship with the recipient and should not be relied upon as an alternative for advice from qualified counsel.  Please note that facts and circumstances may vary, and prior results do not guarantee a similar outcome.~~~~Download PDF~~