SEC Division of Examinations Releases 2026 Exam Priorities
In November, the Securities and Exchange Commission (SEC) Division of Examinations released its 2026 Exam Priorities that explains the areas of focus for the Division. The priorities focus on activities by investment advisers, broker-dealers, investment companies, and other market participants. For investment companies, the Division notes exams will generally include gathering information regarding compliance programs, disclosures, filings like the summary prospectus, and governance practices.
Of particular focus will be:
- Recently registered entities
- Never-before-examined entities
- Entities that use complex strategies or hold less liquid or illiquid investments, such as certain closed-end funds
- The use of novel strategies or investments
- Calculation of fund fees and expenses
- Portfolio management practices and disclosures (fund filings and marketing materials)
SEC Chair Paul Atkins noted examinations should not be a “gotcha exercise,” rather the goal should be to “enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division.”
Click here to view the 2026 Division of Examinations priorities.
Click here to view the press release from the Division of Examinations.