Municipal securities enforcement actions by the Securities and Exchange Commission (SEC) have totaled just three so far this year, putting 2025 on track to record a noteworthy decline from the enforcement level pace it has maintained going back to at least 2019. The trend has left analysts in the space asking what SEC muni enforcement cases will look like in 2026.
Bracewell’s Ed Fierro, who previously served as senior counsel to the director of the SEC’s Office of Municipal Securities, told The Bond Buyer based on 2025 muni enforcement actions, “it appears that fraud, as well as unregistered municipal advisory activity, will likely continue to be a priority in 2026.”
