This is the fifth part in our 2023 series examining important trends in white collar law and investigations. Up next: ESG.

Takeaways:

• The SEC's Division of Enforcement set record-highs in total money relief ordered and total civil penalties assessed in fiscal year 2022.
• The SEC will likely focus its enforcement efforts on securing the cryptocurrency industry's compliance with the registration requirements of the Securities Act of 1933 and ensuring statements made by investment advisers and issuers concerning their ESG-compliance are both truthful and not misleading.
• Amendments to the SEC's Whistleblower Program designed to incentivize a broader and larger range of whistleblower awards will continue to provide the Division of Enforcement with a pipeline of investigative leads.

The U.S. Securities and Exchange Commission ("SEC") continued its aggressive pursuit of investigations and enforcement actions in fiscal year 2022, setting records for the most money recovered and the most civil penalties assessed in a fiscal year. The SEC announced that its Division of Enforcement ("Enforcement") brought 760 total enforcement actions in fiscal year 2022 (representing a 9% increase over fiscal year 2021), including 462 "stand alone" actions (enforcement actions excluding those brought against issuers for delinquent filings and "follow-on" administrative proceedings seeking bars against individuals), 129 actions against issuers for delinquent filings, and 169 "follow-on"...

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