SEC Exam Priorities in 2026
U.S. SEC Division of Examinations Announces 2026 Exam Priorities On November 17, 2025, the U.S. Securities and Exchange Commission (SEC or Commission) Division of Examinations (Division) published its annual examination priorities (Priorities) outlining areas of perceived risk and topics that the Division plans to focus on in the new fiscal year. Investment Advisers Adherence to Fiduciary Standards of Conduct The Priorities highlight continued scrutiny of alternative investments (e.g., private credit and private funds with extended lockups), complex investments (including certain ETFs), and higher‑cost products. Expect heightened attention to recommendations to older investors and those saving for retirement. The Division will also focus on advisers that advise both private funds and separately managed accounts or newly registered funds (including conflicts associated with allocations), advisers to newly launched private funds, recommendations of products sensitive to market volatility, and advisers new to advising private funds. Effectiveness of Advisers’ Compliance Programs The Division remains focused on advisers’ compliance programs, including policies related to marketing, valuation, trading, portfolio management, disclosure and filings, custody, and whether their policies and procedures appropriately address and monitor conflicts of interest. Never-Examined Advisers, Recently Registered Advisers, and Advisers Not Recently Examined Advisers that have never been examined will continue to be a priority for the Division, with a focus on newly registered advisers and advisers that have undergone significant business change. Risks Areas Affecting All Market Participants Information Security and Operational Resiliency Cybersecurity Regulation S-ID and Regulation S-P Emerging Financial Technologies Cryptoassets Anti-Money-Laundering (AML)
SEC Exam Priorities in 2026
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