noviembre 24 2025

SEC Division of Examinations Announces 2026 Exam Priorities

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De un Vistazo

Under new SEC leadership, the Division’s 2026 Examination Priorities reflect a modified approach, following a reevaluation of the Division’s risk-based priorities, and a renewed focus on several traditional risk areas (including Regulation Best Interest, adherence to fiduciary standards of conduct, complex products and the Broker-Dealer Financial Responsibility Rules) as well as continued attention to emerging risks, such as those arising in connection with cybersecurity, Artificial Intelligence and automated investment tools.

On November 17, 2025, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) released its examination priorities (the “2026 Priorities”) for fiscal year 2026 (which started October 1, 2025).

The 2026 Priorities reflect a refined approach for the Division, including notably:

Headline Changes – There is no specific mention of crypto assets or the industry’s transition to a T+1 standard settlement cycle in the 2026 Priorities; by contrast, these topics had a dedicated section in the 2025 Priorities. In a change from last year, there is no separate section regarding investment advisers to private funds in the 2026 Priorities. Furthermore, whereas the 2025 Priorities highlighted commercial real estate as an asset class that might trigger heightened focus, there is no such focus on commercial real estate in the 2026 Priorities, with leveraged and private credit assets taking its place.
New Product- and Service-Specific Focus Areas – The 2026 Priorities expressly reference prime brokerage activities and extended-hours trading, among others, as specific focus areas.
Emerging Technology and Other Key Areas – The Division continues to highlight certain risks from last year, including use of artificial intelligence and related cybersecurity risks, retail sales practices, conflicts of interest, complex products, private credit, private funds, and preparation for compliance with the SEC’s 2024 amendments to Regulation S‑P.

Broker-dealers, investment advisers, and other market participants should review the priorities closely and evaluate their compliance efforts and examination preparedness, including by raising awareness within their organizations and identifying and addressing opportunities to strengthen internal controls and compliance procedures.