As part of its “Fiscal Year 2016 Agency Financial Report” released by the U.S. Securities and Exchange Commission (“SEC”) last month, the SEC discussed enforcement cases for its fiscal year of 2016 (which concluded on September 30th). According to the Report, the SEC once again set a new record for the number of enforcement actions filed in a fiscal year, having filed a record 868 enforcement actions in 2016, representing an increase of about seven percent (7%) from the number of actions brought in 2015. Of the 868 enforcement actions, a record 160 were cases involving investment advisers or investment companies.[1]