By Mary Jo White, Andrew Ceresney, Robert Kaplan, Julie Riewe and Jonathan Tuttle ( November 6, 2018, 4:32 PM EST) -- On Nov. 2, 2018, the U.S. Securities and Exchange Commission's Division of Enforcement released its 2018 annual report, which presents and assesses the division's accomplishments during the 2018 fiscal year.[1] The statistics, as well as the narrative discussion in the report, reveal an active division focused on pursuing cases impacting retail investors, such as investment adviser fraud, as well as actions directed at the impact of emerging technological changes on the securities market, such as cryptocurrencies and cybersecurity. While the penalty and disgorgement numbers were similar to last year, this was primarily because of the massive settlement with Petrobras, under the terms of which the SEC will credit all but $85 million to account for settlements in related actions by the U.S. Department of Justice, a class of investors, and Brazilian regulators. The significant reduction in monetary remedies absent Petrobras suggests that the SEC's shift in focus with respect to the types of cases brought has had a tangible impact on enforcement remedies....