{
  "schema_version": 1,
  "methodology_version": "sec-enforcement-trend/v1",
  "generated_at": "2026-06-25",
  "title": "SEC Enforcement Peaked in 2023 — and Has Fallen Every Year Since.",
  "source": {
    "name": "SEC Litigation Releases + Accounting and Auditing Enforcement Releases",
    "table": "public.sec_enforcement_actions",
    "snapshot_date": "2026-06-25",
    "publisher": "U.S. Securities and Exchange Commission",
    "license": "U.S. Government Works (public domain)",
    "litigation_releases_url": "https://www.sec.gov/enforcement-litigation/litigation-releases",
    "aaer_url": "https://www.sec.gov/enforcement-litigation/accounting-auditing-enforcement-releases",
    "limitations": "The litigation-release list covers civil actions brought by the Commission in federal court. The AAER list highlights certain financial-reporting-related enforcement actions and is not exhaustive. The 2026 row is partial through June 2026."
  },
  "totals": {
    "total_actions": 15183,
    "litigation_releases": 11866,
    "aaer": 3317,
    "aaer_share_pct": 21.8
  },
  "by_year": [
    {
      "year": 2020,
      "total_actions": 388,
      "period_note": "calendar year"
    },
    {
      "year": 2021,
      "total_actions": 369,
      "period_note": "calendar year"
    },
    {
      "year": 2022,
      "total_actions": 392,
      "period_note": "calendar year"
    },
    {
      "year": 2023,
      "total_actions": 425,
      "period_note": "calendar year"
    },
    {
      "year": 2024,
      "total_actions": 352,
      "period_note": "calendar year"
    },
    {
      "year": 2025,
      "total_actions": 271,
      "period_note": "calendar year"
    },
    {
      "year": 2026,
      "total_actions": 129,
      "period_note": "partial through June 2026"
    }
  ],
  "trend": {
    "peak_year": 2023,
    "peak_total_actions": 425,
    "declining_years": [
      2024,
      2025,
      2026
    ],
    "latest_full_year": 2025,
    "partial_year": 2026,
    "partial_through": "2026-06-25"
  }
}