The Securities and Exchange Commission announced that Enforcement Division Director Margaret Ryan resigned effective March 16, with Chairman Paul S. Atkins saying the division had made "significant progress" refocusing on fraud and manipulation cases rather than technical rule violations during her roughly one-year tenure.
Ryan led what the SEC described as a "critical course correction" in the agency's enforcement priorities. The division moved away from "approaches that prioritized touting volume over impact" and toward "the types of misconduct that inflict the greatest harm, such as fraud, market manipulation, and abuses of trust," according to the agency.
The shift also included "a renewed focus on holding individual wrongdoers accountable, which promotes stronger deterrence and better safeguards investors," the SEC said.
"Our goal has been to lead the Division of Enforcement back to Congress' original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation," Chairman Atkins said. "I am pleased to report significant progress toward this objective."
Atkins said "Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so." Ryan, in her own statement, said she "did not seek the role" but was "grateful" for the opportunity to serve.
Principal Deputy Director Sam Waldon will serve as Acting Director while the Commission searches for a permanent replacement. The SEC said it expects to announce a successor in the coming weeks.