Key Takeaways From the 2025 Securities Enforcement Forum

On October 30, 2025, former Securities and Exchange Commission (SEC) senior officials, private practitioners in the securities enforcement field, and other professionals met for the annual Securities Enforcement Forum (the Forum) in Washington, D.C. to discuss trending topics in securities enforcement. Uniquely timed one month into the government shutdown, the Forum featured panelists who shared their thoughts on the current enforcement landscape and on what’s to come from this relatively new administration.

Featured speakers included former senior SEC and Public Company Accounting Oversight Board officials, securities enforcement and white-collar attorneys, and in-house counsel and compliance executives, who covered topics such as the SEC’s shifting enforcement strategy, the increased reliance on State Attorneys General (State AGs) to fill the enforcement gap, parallel investigations, insider trading and disgorgement, cryptocurrency, accounting and financial reporting, and cybersecurity and AI. The Forum typically features government speakers but, due to the government shutdown, none were in attendance.

Below, we offer key insights from the Forum’s whistleblower panel discussion, which featured an Arnold & Porter partner, and key takeaways from the Forum as a whole.

Key Insights: The Corporate Crisis Management and Whistleblower Program

Arnold & Porter Securities Enforcement & Litigation partner, Jane Norberg, participated in the panel discussion titled “Corporate Crisis Management: How to Handle a Major Internal Investigation and/or Whistleblower.” Norberg, former Chief of the SEC’s Office of the Whistleblower (the Office), offered valuable insights into the current state of the SEC’s Whistleblower Program (the Program).

During the panel, Norberg emphasized that the Program remains functional and effective, despite concerns about the potential demise of the Program given the increasing number of award denials. According to Norberg, the Program’s vitality is evidenced by the continued submission of whistleblower tips and the issuance of awards, including awards granted in September 2025 that, while not publicly announced in press releases, reflect the Program’s ongoing operations.

Norberg reminded companies to proceed with caution when dealing with potential whistleblowers. If, for example, an employee is found to have emailed themselves sensitive company information and is suspected of being a whistleblower, companies should avoid knee-jerk reactions, such as termination, which could expose the company to retaliation claims down the line. Rather, the company should quickly assess what type of information has been taken so that sensitive information is not unsecured on personal devices. Norberg noted that the reaction to each case is highly fact- and circumstances-driven, but that the company needs to balance the rights and obligations of the company and the risk of running afoul of whistleblower protections. Norberg noted that companies also should be mindful not to impede employees from reporting suspected wrongdoing to the SEC, which has brought several actions relating to these exact issues. Given the highly nuanced analysis, Norberg encouraged companies to seek advice from reputable counsel to help the company navigate the risks and rights in these circumstances.

The panelists encouraged companies to have clear crisis management and internal investigative plans to rely upon if faced with a broad SEC subpoena. Staff may offer some flexibility by agreeing to a rolling production, or in some cases, telling companies which documents to prioritize. It remains unclear whether staff would be receptive to an AI-led review and production process, but the panelists agreed that the SEC likely would want there to be a human-oversight component. The panelists also noted that self-reporting any new information found during an internal investigation likely would result in some credit, particularly under this administration.

Finally, the panelists explained that, when it comes to press releases about an active investigation, crisp and tight messaging thoroughly reviewed and vetted by counsel is paramount. The panel cautioned against making any promises in external messaging by disclosing anything that would require the company to later update its disclosure to the market.

Key Takeaways From the Forum

As expected, the Forum featured frequent discussion of the current and future state of SEC enforcement under the Trump administration. The following are our key takeaways of that discussion:

• Shifting Enforcement Strategy. The SEC is going “back to basics” across several enforcement areas by focusing on clear-cut, traditional fraud. In particular, panelists predict that the administration will focus on harm to investors. This administration also is going “back to basics” with respect to materiality, likely focusing less on ESG and softer qualitative analysis like reputational harm and instead focusing on traditional measures of materiality like trends and earnings. This shift may lead to a faster review of cases and earlier closures.
• Shifting Priorities. Resources are down across various federal agencies, resulting in shifting priorities and new players like State AGs stepping in to fill the gaps. The shift also may mean that this administration is less likely to bring enforcement actions relating to policies and procedures in the absence of underlying substantive fraud. However, panelists believe that we will continue to see a robust enforcement program.
• Parallel Investigations. Panelists expect a downtick in parallel criminal investigations with the U.S. Department of Justice (DOJ) given the structural changes at DOJ, which include downsizing its fraud section. While high-profile securities fraud cases may still be brought, less attractive cases may be halted as a result of limited resources. However, the panelists believe that the SEC will continue initiating parallel investigations, albeit with different players, such as State AGs, the Office of the Comptroller of the Currency (regarding debanking), or Congress (via congressional investigations). Civil investigations regarding accounting are expected to stay in focus for DOJ and the SEC.

Enforcement Edge continues to monitor developments in the new Trump administration, including at the SEC and other regulatory agencies. For questions on this or any other subject, please reach out to the authors or any of their colleagues in Arnold & Porter’s Securities Enforcement & Litigation and White Collar Defense & Investigations practice groups.

© Arnold & Porter Kaye Scholer LLP 2025 All Rights Reserved. This Blog post is intended to be a general summary of the law and does not constitute legal advice. You should consult with counsel to determine applicable legal requirements in a specific fact situation.