The Securities and Exchange Commission’s Division of Examinations announced that it has published its annual examination priorities for fiscal year 2026.
The list is issued to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the year ahead, and to encourage firms to direct their compliance efforts on areas that may heighten risk to investors or the integrity of the U.S. capital markets.
In its outlook for the coming year, the SEC said it will conduct examinations in core areas such as fiduciary duty, standards of conduct, and the custody rule. In addition, the Division will examine for compliance with new rules, such as the 2024 amendments to Regulation S-P. It will also prioritize examinations of newly registered advisers and investment companies to encourage them to have strong compliance programs.
As part of the 2026 priorities, the SEC intends to focus on how advisers uphold their fiduciary duties when guiding older investors and individuals saving for retirement. Examiners plan to review whether recommendations align with clients’ objectives, risk tolerance and personal circumstances.
“Examinations are an important component to accomplishing the agency’s mission, but they should not be a ‘gotcha’ exercise,” said SEC Chairman Paul S. Atkins. “Today’s release of examination priorities should 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.”
The Division of Examinations examines SEC-registered investment advisers, investment companies, broker-dealers, clearing agencies, and self-regulatory organizations, among others, for compliance with federal securities laws. The annual publication of the examination priorities furthers the SEC’s mission and aligns with the Division’s goals to promote and improve compliance, prevent fraud, monitor risk, and inform policy.
“In this increasingly complex and changing financial and regulatory environment, we strive to improve compliance in a way that that is both transparent and practical,” said Keith Cassidy, Acting Director of the Division of Examinations. “Fiscal year 2026 marks an important time for the Division to build on our strengths, advance our mission with renewed focus, and ensure that our examination program continues to protect the investing public and support fair and orderly capital markets.”
The SEC notes that while the 2026 priorities cover a wide range of potential risks to investors, they are not “an exhaustive list” of all areas the Division will focus on next year. Examinations also analyze other risk factors such as an entity’s history, operations, and products and services.
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