The SEC Division of Enforcement (Division) brought 760 enforcement proceedings in its last fiscal year, a number consistent with pre-pandemic enforcement activity. The SEC also ordered respondents and defendants to pay a record $6.44 billion in penalties and disgorgement. The Division is sure to continue its aggressive approach to enforcement, according to the former SEC officials who analyzed the SEC’s 2022 enforcement results at a Securities Docket program. Critically, the SEC appears to be stretching the boundaries of what constitutes securities fraud. The program featured Doug Davison, partner at Linklaters; William R. McLucas, partner at WilmerHale; and Jason Flemmons and Martin Wilczynski, senior managing directors at Ankura Consulting Group. This article distills the key takeaways from the presentation. See “Discussing 2022 Enforcement Results, SEC Enforcement Director Stresses Trust-Building Measures” (Jan. 5, 2023); and “Former SEC Enforcement Official Looks Back at 2022 and Forward to 2023” (Jan. 5, 2023).