The SEC recently announced a record $3.4 billion in monetary sanctions in 2013, which included enforcement actions relating to fair market access, trustees and directors failing to uphold their responsibilities under the securities laws, insider trading, the financial crisis and securities violations by municipalities. The press release also highlighted the SEC’s new policy of requiring admissions of misconduct in certain cases where heightened accountability and acceptance of responsibility by a defendant are appropriate and in the public interest. According to the release, the SEC’s new forward-looking initiatives include launching a new Microcap Task Force to address fraud in the microcap markets and target gatekeepers, continuing to focus on violators of Rule 105 of Regulation M with respect to short selling, and improving the Enforcement Division’s technological and analytical capabilities. The full press release and related materials can be found here.