On Aug. 21, 2025, Judge Margaret Ryan, a former senior judge of the United States Court of Appeals for the Armed Forces, was named the Securities and Exchange Commission’s director of the Division of Enforcement. Some former Enforcement Division directors have made public statements shortly after their appointment, laying out their expected approach to federal securities law enforcement, to interactions with the defense bar, and their expected areas of priority for the Division during their tenure. Judge Ryan did not—until Feb. 11, 2026, when she made her first public remarks at the Los Angeles County Bar Association’s 56th Annual Securities Regulation Seminar, in a speech that focused on “principles, process, and priorities.”
