The SEC’s Division of Examinations has published its 2026 Examination Priorities, the publication that gives an overview of the Division’s risk-based approach, focusing on the areas it believes may present possible risks to the integrity of the US capital markets and investors. When collecting data for examination priorities, the Division is guided by its endeavor to promote and improve compliance, prevent fraud, monitor risks, and inform policy. In the 2026 publication, the Division covers a number of matters and developments impacting the market and investors.
Investment Advisers
The Division will focus on the following:
- Compliance with Fiduciary Standards of Conduct
- Effectiveness of Advisers’ Compliance Programs
- Recently Registered Advisers and Advisers Not Examined
Investment Companies
The Division will prioritize examinations of registered investment companies, including mutual funds and ETFs, due to their importance to retail investors, especially those preparing and saving for retirement.
Broker-Dealers
The Division will continue to place special attention on the following:
- Broker-Dealer Financial Responsibility Rules
- Broker-Dealer Trading-Related Practices and Services
- Retail Sales Practice, Including Compliance with Regulation Best Interest
Self-Regulatory Organizations
The Division will continue to assess whether national securities exchanges are meeting their obligations to enforce compliance with the following self-regulatory organizations:
- National Securities Exchanges
- Financial Industry Regulatory Authority (FINRA)
- Municipal Securities Rulemaking Board (MSRB)
Clearing Agencies
Under Title VIII of the Dodd-Frank Act, the SEC is required to examine, at least once annually, each clearing agency designated as systemically important and for which the SEC serves as the supervisory agency. The Division will focus on clearing agencies’ core risks, processes, and controls and will cover the specific areas required by statute, including the nature of clearing agencies’ operations and assessment of financial and operational risk.
Other Market Participants
The Division will assess whether municipal advisors have met their fiduciary duty obligation to clients when providing advice regarding the pricing, method of sale, and framework of municipal securities. The publication also will continue to review transfer agents, security-based swap dealers (SBSDs), Security-based swap execution facilities (SBSEFs), and funding portals.
Risk Areas Impacting Various Market Participants
The Division will focus on the following risk areas:
- Information Security and Operational Resiliency
- Emerging Financial Technology
- Regulation Systems Compliance and Integrity (SCI)
- Anti-Money Laundering
The Division welcomes public inquiries and comments on the 2026 Examination Priorities. For further details, including instruction on how to submit feedback, visit the SEC’s Division’s webpage.
Sources:
SEC Division of Examinations Announces 2026 Priorities (sec.gov)
2026 Examination Priorities (sec.gov)
