There’s a New Sheriff/Judge in Town: The SEC’s New Enforcement Director

On August 21, 2025, the U.S. Securities and Exchange Commission (SEC or the “Commission”) announced that Judge Margaret “Meg” Ryan was named Director of the Division of Enforcement, effective September 2, 2025.[1] Despite the same name, there is no apparent relation to the actress who was the queen of rom-com movies in the late 1980s and 1990s.

Director Ryan was most recently a senior judge of the United States Court of Appeals for the Armed Forces, reaching senior status in August 2020. She served as a lecturer on military law and justice at Harvard University Law School, as a lecturer at the George Washington School of Law, and as a visiting professor at Notre Dame Law School, which is not surprising given that she graduated first in her class from Notre Dame Law School. She also previously served as a law clerk to U.S. Supreme Court Justice Clarence Thomas. Following law school, Director Ryan was a judge advocate in the U.S. Marine Corps (USMC) and earlier in her career was an active-duty USMC communications officer, including deployments to the Philippines and Desert Shield/Desert Storm. She served as aide-de-camp to Marine Corps Commandant General Charles C. Krulak from 1997 to 1999.

SEC Chairman Paul S. Atkins commented, “She brings to the Commission decades of experience as a respected judge and practitioner of the law. She is fulfilling a critical role. Judge Ryan will lead the Division guided by Congress’ original intent: enforcing the securities laws, particularly as they relate to fraud and manipulation.”

Director Ryan said, “It is my honor to join the Commission as Director of the Division of Enforcement. I look forward to joining the Commission in its important work to ensure that the Division is true to the SEC’s mission in taking action on behalf of investors harmed by those who break the securities laws and providing an effective deterrent against fraudulent and manipulative activities in our financial markets.”

Interestingly, Director Ryan has no apparent connection to the SEC. But her background aligns with Chairman Atkins’ swift shift away from “Regulation by Enforcement.” Further, her background as a judge indicates that she will potentially give greater weight to evidentiary and legal arguments presented by defense counsel and their clients during the investigative and, importantly, Wells stages of SEC enforcement investigations. Her military background also indicates that she may be more of a law-and-order director who will want to see the securities laws enforced, as opposed to the expansive and aggressive “creativity” encouraged under Chair Gensler.

[1]https://www.sec.gov/newsroom/press-releases/2025-108-sec-names-judge-margaret-ryan-director-division-enforcement.