New SEC Enforcement Director Signals Focus on Investor Protection and Private Funds

On May 13, incoming SEC Division of Enforcement Director David Woodcock spoke at the annual Managed Funds Association Legal and Compliance conference and provided an overview of the Division of Enforcement’s current priorities.  He noted that the SEC is prioritizing “quality over quantity” in enforcement actions and focusing on protecting investors and safeguarding markets from real harm.   Director Woodcock highlighted examples of fraud and market manipulation that are key focus areas, including offering frauds, accounting and disclosure fraud, insider trading, market manipulation, fraud by foreign actors targeting U.S. markets and investors, and breaches of fiduciary duties by advisers misusing client assets.  In addition, Director Woodcock signaled continued regulatory attention on private funds and their attendant conflicts of interest, valuation practices, liquidity risks and investor protection concerns. His remarks also noted that the Division of Enforcement is actively monitoring the private credit space and continuing to proceed with its harmonization efforts with the CFTC.

Click here for SEC Enforcement Director David Woodcock’s speech “Remarks at the MFA Legal & Compliance 2026 Conference.”