SEC Voting & DOJ Whistleblowers

The November 2026 edition of  ICR’s D.C. Insider examines a quieter month in Washington as midterm campaigning slowed activity. The SEC issued a framework for voluntary retail voting programs and advanced proposals to widen access to private markets, even as its enforcement activity fell sharply in fiscal year 2026. The Justice Department created its first up-front whistleblower reward program and detailed its corporate fraud priorities. Below, we share our insights and analysis on the developments that could have an immediate and long-term impact on your business. 

SEC

• Quorum Rules Changed – The SEC amended its 31-year-old quorum rule to allow a single commissioner to constitute a quorum just prior to the departure of Commissioner Hester Peirce. 

• Overall Enforcement Activity Declined – SEC enforcement activity fell in fiscal year 2026 (which ended on September 30) according to consulting firm the Brattle Group. During the period, the Commission filed 308 enforcement actions, Brattle estimated, marking a 57% decline from the annual average of 710 from 2018 through 2025. The authors of the Brattle report cite an array of factors that could have contributed to the slowdown in enforcement, including the government shutdown at the beginning of the fiscal year and “persistently low staffing levels” at the Commission. The SEC’s Enforcement Division also went through a leadership transition when Margaret Ryan stepped down as director in March 2026, and was replaced by David Woodcock less than a month later. Insider trading cases during the period registered the highest share of enforcement actions since fiscal year 2018, accounting for 12.3% of 308 actions. 

Justice Department

• National Fraud Enforcement Division Announces its Approach to Corporate Enforcement – The Department’s National Fraud Enforcement Division laid out its approach to corporate enforcement, identifying four investigative priorities and 10 factors that will drive the Fraud Division’s charging and resolution decisions. The four priorities are: 
  • Healthcare fraud, including healthcare fraud schemes, distribution of controlled substances, and violations of the Federal Food, Drug, and Cosmetic Act 
  • Government fraud, including schemes involving the public trust or financial integrity of Americans and markets related to procurement, government contracts, and other government functions 
  • Tax fraud, including significant evasion of internal or external revenue 
  • Trade fraud, including tariff evasion, importation of goods or services, or forced labor 

The ten factors are here.