Chairman Paul Atkins cited "significant progress" toward refocusing enforcement on fraud and manipulation rather than technical violations. Atkins stated the goal was to lead the Division of Enforcement back to Congress' original intent.
During her tenure, Ryan oversaw a "critical course correction" within the division. The agency described this shift as moving away from pursuing technical rule violations with no charges alleging investor harm.
Ryan redirected staff toward misconduct that inflicts the greatest harm, such as fraud, market manipulation, and abuses of trust. The SEC stated the division moved away from approaches that prioritized touting volume over impact.
The change in enforcement philosophy included a renewed focus on holding individual wrongdoers accountable. The agency stated this approach promotes stronger deterrence and better safeguards investors.
Atkins praised Ryan's service, noting she "served with honor and distinction since joining the Commission last year." He thanked her for her contributions and wished her well.
Ryan issued a statement thanking Atkins, the Commission, and the staff. She noted that she "did not seek the role" of Director but was "grateful" for the opportunity to serve.
The Commission indicated it expects to name a permanent Enforcement Division Director "in the coming weeks."