SEC collects record penalties of $6.4 billion in 2022

The US Securities and Exchange Commission filed 760 enforcement actions in 2022, a 9 percent increase over the prior year. Enforcement actions totaled $6.439 billion which is the highest in SEC history, up from $3.852 in 2021. 

This week, the SEC announced its FY22 Enforcement Results. A key focus of the 2022 SEC enforcement actions and penalties was to deter future violations, establish accountability from major institutions, and set examples for other financial firms.

This is exemplified by the SEC’s actions against 16 major financial institutions for widespread failures to maintain and preserve work-related communications. Each of these firms have agreed to start projects to remediate past failures and prevent future misconduct.

As reflected in these results, the Enforcement Division is working with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct in our financial markets,” said Gurbir S. Grewal, Director of the Division of Enforcement.

Whilst the money ordered in SEC actions is the highest on record - the SEC does not expect this to grow year on year. Instead, it has highlighted that the commission expects behaviors to change and firms to improve their compliance going forward. 

"While we set a Commission record this past fiscal year for total money ordered at $6.4 billion, including a record $4.2 billion in penalties, we don’t expect to break these records and set new ones each year because we expect behaviors to change. We expect compliance," added Mr. Grewal. 

The announcement highlights the SEC's use of sophisticated technologies, tools, and data analytics to assist with investigations and hold those who violate securities laws accountable. It also points to the importance of its whistleblower program and the tips, complaints, and referrals it receives from the public, self-regulatory organizations, and others of possible securities law violations.

Read the SEC statement here

About SteelEye

SteelEye simplifies compliance for financial firms and saves them time and money. SteelEye’s holistic platform allows firms to achieve ROI from communications and trades Record keeping, Oversight, and Intelligence.

With SteelEye, firms can easily lock their data in a WORM-compliant vault, identify and stop early warning signs of harmful conduct, and demonstrate that they have watertight policies, procedures, and controls.

By connecting large volumes of data from multiple sources, SteelEye enables firms to meet regulatory obligations more quickly, efficiently, and accurately than any other solution. Firms also gain full visibility and control of their trading and compliance operations, with cutting-edge analytics that provide timely insights on risks and opportunities. 

Discover our solutions

Holistic Surveillance | Trade Surveillance | Communications & eComms Surveillance

Record Keeping | Best Execution & Transaction Cost Analysis | MiFIR Transaction Reporting


Latest News

Navigating AI in Communications Surveillance: Insights from Industry Leaders at Regs & Eggs 2024

| 24 Jun 2024

SteelEye and Intelligent Voice Transform Voice Surveillance through Strategic Partnership

| 18 Jun 2024

Beyond Words: The Hidden Risks of Emojis in Trading

| 06 Jun 2024

Untapped Risk: Why Compliance Needs Voice Transcription

| 22 May 2024

Global Regulators Intensify Scrutiny of Market Manipulation Failures

| 10 May 2024

SteelEye’s Women in RegTech: Sonia Chowdhury

| 09 May 2024