The U.S. Securities and Exchange Commission announced that Judge Margaret A. Ryan has resigned as Director of the Division of Enforcement, and that Principal Deputy Director Sam Waldon has been named Acting Director effective March 16, 2026. The SEC highlighted a shift in the division’s priorities during Ryan’s tenure toward cases that provide meaningful investor protection and strengthen market integrity, including fraud, market manipulation, and abuses of trust, and away from technical rule violations without charges alleging investor harm. The release also pointed to a renewed emphasis on holding individual wrongdoers accountable. The Commission expects to announce a permanent successor as Enforcement Division Director in the coming weeks.
U.S. Securities & Exchange Commission 2026-03-16
U.S. Securities and Exchange Commission announces resignation of Enforcement Division Director Margaret A. Ryan and names Sam Waldon acting director
The U.S. Securities and Exchange Commission announced the resignation of Judge Margaret A. Ryan as Director of the Division of Enforcement, with Principal Deputy Director Sam Waldon named Acting Director. During Ryan's tenure, the division shifted focus to cases enhancing investor protection and market integrity, emphasizing fraud and market manipulation. A permanent successor is expected to be announced soon.