Leadership transitions at regulatory agencies are inevitable following a change in presidential administration. In recent years, however, such turnovers have brought about wholesale reversals of enforcement approaches, policies and focus areas. At the May 2026 White Collar Crime Conference presented by the New York City Bar Association, blue-ribbon panels of former enforcement directors from the SEC’s Division of Enforcement and the Commodity Futures Trading Commission’s Division of Enforcement examined the significant changes and current enforcement landscape at each agency. This article synthesizes their observations. See “International Defense Counsel Reflect on the 2026 State of Global Enforcement” (May 20, 2026).