SEC enforcement director resigns after just six months in the role

The acting head of the Securities and Exchange Commission’s Enforcement Division has resigned, the regulator announced Monday.

Judge Margaret “Meg” Ryan is stepping down after just over six months in the job. Ryan, a senior judge of the United States Court of Appeals for the Armed Forces and Marine Corps veteran, has been in the role since Sept. 2. She has been described as the SEC's "top cop."

The shock announcement has thrust the SEC once again into the spotlight. Reuters reports that Ryan's tenure at the SEC coincided with what some lawyers have described as "relatively spotty" or "slow" enforcement activity, as well as last year's government shutdown. She has also had to contend with an exodus of staff under the Trump administration, according to Reuters.

In a statement, SEC Chairman Paul Atkins said that, under Ryan's leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. Ryan oversaw "a critical course correction" within the division, according to the SEC's statement. This involved prioritizing cases that provide "meaningful investor protection" and strengthen market integrity rather than technical rule violations with no charges alleging investor harm, it said.

“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Judge Ryan, in the statement. “As I recently said, I did not seek the role of Director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape – working together with Chairman Atkins - will continue to serve investors and the markets well.”

Principal Deputy Director Sam Waldon has been named acting director of the division, effective immediately. The Commission is expected to expected to announce a permanent successor to Ryan in the coming weeks, the SEC said.