At the 2026 Securities Enforcement Forum New York, a panel of present and former securities regulators, enforcers and compliance professionals took the pulse of the enforcement climate affecting financial services firms. They discussed current SEC enforcement activity, how firms can reduce the risk of a referral to the SEC Division of Enforcement, the ongoing anti-fraud efforts of the U.S. Attorney’s Office for the Southern District of New York (SDNY), regulatory focus on broker-dealers, ongoing SEC focus on insider trading, the SDNY’s new self-reporting guidance and regulatory concerns over retailization of private funds. This article synthesizes their insights. See “Former Senior SEC Staff Discuss Effective Compliance Programs and Exam and Enforcement Climate” (Dec. 18, 2025).