Today, the SEC released statistics about its enforcement efforts in fiscal year 2013. For the year ending September 30, 2013, the SEC filed 686 enforcement actions and generated a record $3.4 billion in monetary sanctions against defendants and respondents in its cases.

While the total number of enforcement actions is down 7 percent from the same period in 2012, the agency said that looking forward, it was "well positioned for significant achievements across its program" after opening 908 investigations in FY 2013 (up 13 percent) and obtaining 574 formal orders of investigation (up 20 percent). Andrew J. Ceresney, co-director of the SEC's Division of Enforcement, emphasized that the numbers "tell only a part of the story as we look to bring high-quality enforcement actions that make an impact across the market."

The SEC highlighted enforcement in a number of key areas, including:

Market Structure and Exchanges – The SEC said it obtained its largest-ever penalty against an exchange when NASDAQ agreed to pay a $10 million penalty related to its conduct during the Facebook IPO, and it also secured the agency's first penalty against an exchange for violations relating to regulatory oversight when it charged the Chicago Board Options Exchange (CBOE).

Gatekeepers – The SEC noted its case against the Chinese affiliates of major accounting firms for refusing to produce documents related to China-based companies being investigated.  

Insider Trading – The SEC pointed to the multiple actions it filed alleging wrongdoing at S.A.C. Capital Advisors and its affiliates, including an action against Steven Cohen for failing to supervise.

In addition, on a programmatic level, the SEC emphasized (a) its high-profile change in 2013 with respect to its settlement policy, i.e., requiring admissions of misconduct in certain cases where heightened accountability and acceptance of responsibility by the defendant are appropriate; and (b) its record in FY 2013 of aggressively using its resources to take matters to trial such as in the Tourre and optionsXpress cases.