Entries by Kenyon Hall

08 07 '26

External Review Recommends Sweeping Changes to FINRA Enforcement Program

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On June 30, the Financial Industry Regulatory Authority (FINRA) published an outside expert report setting forth significant recommendations for the management, investigation, review, and resolution of enforcement matters. FINRA commissioned the review in July 2025 as part of its FINRA Forward modernization initiative, retaining Professor Paul Eckert of William & Mary Law School and former SEC Commissioner Troy Paredes to evaluate opportunities for “meaningful, common-sense improvements” to FINRA’s enforcement program.

19 05 '26

SEC Rescinds Its Gag Rule Policy

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The SEC yesterday rescinded its so-called gag rule policy prohibiting parties from denying the allegations in no admit/no deny settlements. The SEC also announced it would not enforce gag rule […]

14 05 '26

New U.S. SEC Enforcement Director David Woodcock Signals Continued “Back to Basics” Approach

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New SEC Enforcement Director David Woodcock used his first public remarks to signal continuity with Chairman Paul Atkins’s “back to basics” agenda, emphasizing “quality over quantity” and a focus on cases involving real investor harm rather than technical violations. Woodcock identified key enforcement priorities and announced reinstitution of the Retail Fraud Working Group to focus specifically on protecting retail investors.