SEC Division of Enforcement and its FCPA unit: administrative orders and civil actions
- Body
- U.S. Securities and Exchange Commission, Division of Enforcement 1
- Director
- David Woodcock, according to the Division page 1
- FCPA unit
- Specialised unit created by the Division in 2010 3
- Federal court actions
- 15 U.S.C. 78u(d) 4
- Administrative orders
- 15 U.S.C. 78u-3, cease-and-desist proceedings 5
- Jury right
- SEC v. Jarkesy, 27 June 2024 6
- FY2025 actions
- 456 enforcement actions, including 303 standalone actions 7
- FY2025 monetary relief ordered
- US$17.9 billion, of which US$10.8 billion disgorgement and interest and US$7.2 billion civil penalties 7
What the Division is
The SEC says the Division of Enforcement oversees the agency's civil enforcement function 1. It investigates possible violations of the federal securities laws, brings enforcement actions and seeks to return money to harmed investors 1. The Division page says its actions include federal court filings and administrative proceedings 1. It names David Woodcock as Director 1.
The FCPA unit
The SEC says "The SEC and the Department of Justice are jointly responsible for enforcing the FCPA" 2. It says "The SEC may bring civil enforcement actions against issuers" for breaches of the anti-bribery or accounting provisions 2. Remedies can include disgorgement, prejudgment interest and civil penalties, and some companies must retain an independent consultant 2.
The SEC FCPA cases page says the Enforcement Division created a specialised unit in 2010 to enforce the FCPA 3. That page lists cases by calendar year from 2010, with older cases back to 1978 3. The most recent year shown when checked was 2024, and the page was last reviewed on 21 July 2025 3.
Administrative orders vs civil actions
The two forums rest on different parts of the Securities Exchange Act of 1934 4,5. Both are often settled on consent 8,10.
| Feature | Federal court civil action | Administrative cease-and-desist order |
|---|---|---|
| Statute 4,5 | 15 U.S.C. 78u(d) 4 | 15 U.S.C. 78u-3 5 |
| Who decides 4,5 | A federal district court 4 | The Commission, after notice and opportunity for hearing 5 |
| Main remedies 4,5 | Injunction, civil penalty, disgorgement, officer and director bar 4 | Order to cease and desist, accounting and disgorgement with reasonable interest 5 |
| Settled form 8,10 | Consent judgment entered by the court 10 | Order the company consents to 8,9 |
| Where published 10,9 | Litigation Releases 10 | Administrative proceedings files 9 |
The Jarkesy decision
On 27 June 2024 the Supreme Court decided SEC v. Jarkesy 6. The syllabus states that when the SEC seeks civil penalties for securities fraud, "the Seventh Amendment entitles the defendant to a jury trial" 6.
FY2025 totals
The SEC announced its fiscal year 2025 results on 7 April 2026 7. It said it "filed 456 enforcement actions, including 303 standalone actions" 7. It reported orders for monetary relief of US$17.9 billion, made up of US$10.8 billion in disgorgement and prejudgment interest and US$7.2 billion in civil penalties 7.
The release gives lower figures when "deemed satisfied" amounts and certain judgments are excluded. They are US$1.4 billion in disgorgement and interest and US$1.3 billion in penalties 7. The SEC said it returned about US$262 million to harmed investors and awarded about US$60 million to 48 whistleblowers 7. The release does not mention the FCPA 7.
Case records on this site
The SEC said Siemens consented "Without admitting or denying the Commission's allegations" 10. The SAP release says SAP "consented to the SEC's order finding that it violated" the FCPA provisions 9.
| Case | SEC form | SEC amount |
|---|---|---|
| Siemens AG, 15 December 2008 10 | Complaint in the U.S. District Court for the District of Columbia and consent judgment 10 | US$350 million disgorgement 10 |
| SAP SE, 10 January 2024 9 | SEC order that SAP consented to 9 | Over US$98 million disgorgement and prejudgment interest 9 |
| ABB Ltd, press release 2022-214 8 | Cease-and-desist order that ABB consented to 8 | US$75 million civil penalty, over US$72 million disgorgement deemed satisfied 8 |
Common questions
Is an SEC settlement a criminal conviction?
No. The SEC's enforcement function is civil, and its remedies come from civil statutes such as 15 U.S.C. 78u and 78u-3 1,4 5.
What is an SEC cease-and-desist order?
It is an order the Commission enters after notice and opportunity for hearing, requiring a person to stop a violation. It can include disgorgement with interest 5.
Where are SEC FCPA cases listed?
The SEC FCPA cases page lists them by year from 2010, with older cases back to 1978 3.
How much did the SEC obtain in fiscal year 2025?
The SEC reported orders for US$17.9 billion in monetary relief in fiscal year 2025, or lower figures after excluding deemed satisfied amounts 7.
Rules and fees change. Check the official site linked above before you apply or pay. Spotted an error? Email [email protected] with the official link.
Sources
- U.S. Securities and Exchange Commission: Division of Enforcement
- U.S. Securities and Exchange Commission: Spotlight on Foreign Corrupt Practices Act
- U.S. Securities and Exchange Commission: SEC Enforcement Actions, FCPA Cases (last reviewed 21 July 2025)
- Legal Information Institute, Cornell Law School: 15 U.S.C. 78u, Investigations and actions
- Office of the Law Revision Counsel: 15 U.S.C. 78u-3, Cease-and-desist proceedings
- Supreme Court of the United States: SEC v. Jarkesy, No. 22-859 (27 June 2024)
- U.S. Securities and Exchange Commission: press release 2026-34, SEC Announces Enforcement Results for Fiscal Year 2025 (7 April 2026)
- U.S. Securities and Exchange Commission: press release 2022-214, ABB FCPA charges
- U.S. Securities and Exchange Commission: press release 2024-4, SEC Charges Global Software Company SAP for FCPA Violations (10 January 2024)
- U.S. Securities and Exchange Commission: Litigation Release No. 20829, Siemens Aktiengesellschaft (15 December 2008)
Related
- SAP foreign bribery resolutions with DOJ and the SEC (2024)
SAP entered a three-year DOJ deferred prosecution agreement and an SEC order on 10 January 2024. Amounts, admissions, countries and credits.
- Siemens AG FCPA guilty pleas and SEC settlement (2008)
In December 2008 Siemens AG and three subsidiaries pleaded guilty to FCPA offences and settled with the SEC. Charges, amounts, admissions and the monitor.
- ABB FCPA resolution over Eskom bribery (2022)
ABB entered a three-year DPA with DOJ and settled SEC charges in December 2022 over bribes to an Eskom official. Amounts, admissions and terms.
- SEC settlements: neither admit nor deny
What an SEC settlement without admissions means, the 1972 no-deny policy in 17 CFR 202.5(e), and its rescission by the SEC on 18 May 2026.
- Disgorgement explained
What disgorgement means in SEC and DOJ resolutions: the statute, the 2020 Liu v. SEC ruling, offsets and fair funds, with case examples.