Fiscal Year 2021 was a year of transition at the U.S. Securities and Exchange Commission. New leadership under the Biden Administration ushered in new priorities and an aggressive enforcement tone, particularly in the latter half of the year. Along with new management, the Commission brought several first-of-their-kind enforcement actions. In this article, we highlight some of the Commission’s significant enforcement actions from FY 2021 - which spanned from October 2020 through September 2021 - with a particular focus on actions against public companies and investment advisers. The actions demonstrate the direction in which the Commission’s enforcement program is headed, as well as the emphasis and priorities anticipated as the Commission begins FY 2022.