On February 11, 2026, Margaret Ryan, the new director of the SEC’s Division of Enforcement (Division) at the time, gave a speech to the Los Angeles County Bar Association in which she articulated the principles and priorities the Division will follow and the types of violations it will focus on combating. The Division will walk a fine line – respecting the rights of respondents in enforcement matters and upholding fairness and due process, while pushing for timely resolution of enforcement cases. Crucial to that approach, Ryan said, will be use of the Wells process, in which the Division serves notice to a party of its intent to bring an enforcement case and the legal and factual basis for that case, allowing the party to submit evidence and arguments against proceeding with such action. This article summarizes the Division’s enforcement priorities as set forth in Ryan’s speech, explains her views on the Wells process, compares her regulatory stance with that of Chair Paul Atkins and provides practical takeaways from former SEC attorneys. See “What Can Hedge Fund Managers Expect From the SEC in 2026?” (Jan. 29, 2026).