On April 7, 2026, the SEC announced its fiscal year (FY) 2025 (FY2025) enforcement results, which indicate an emphasis on pursuing fraud aggressively while deemphasizing certain types of violations that prior SEC leadership pursued. The SEC also released its FY2027 Congressional Budget Justification Annual Performance Plan and appointed David Woodcock as the new director of its Division of Enforcement, on the heels of Margaret Ryan’s resignation. Although the budget plan requests lower allocations for most programs than the SEC sought for the prior fiscal year, that does not translate into a smaller operating budget or limited effectiveness, in the view of former SEC officials interviewed by the Hedge Fund Law Report. Thus, it is imperative for fund managers to stay vigilant about compliance. This article summarizes the FY2025 enforcement results and compares them to earlier years; analyzes the SEC’s current priorities and their role in the latest totals; breaks down the SEC’s FY2027 budget request; examines the Commission’s stance on artificial intelligence as set forth in that request; and considers Woodcock’s appointment, with expert legal commentary. See “2026 Securities Enforcement Forum Panel Discusses Current Enforcement Climate” (Mar. 12, 2026).