The effects of the ongoing COVID-19 pandemic on SEC enforcement and private securities litigation persisted throughout 2020. There was a reduction in securities enforcement activity compared to recent years—although in terms of both the amount of monetary remedies and whistleblower awards, 2020 was a historic year for the SEC. Meanwhile, private securities litigation saw a significant drop in class action filings in both federal and state courts, reaching the lowest level since 2016. S&C’s Securities Enforcement and Litigation Update reviews and analyzes these and other recent developments in SEC enforcement and private securities litigation, including numerical trends, areas of focus, significant court decisions and COVID-related developments.