The Securities and Exchange Commission’s Division of Examinations has released its priorities for fiscal year 2026, highlighting the areas it plans to focus on in its oversight of registrants in the year ahead. The priorities are intended to give investment advisers, investment companies, broker-dealers, and other registrants a clearer view into the Division’s agenda so they can align their compliance efforts with areas of heightened regulatory interest.
SEC Chairman Paul S. Atkins emphasized that examinations are meant to support the agency’s investor protection mission, not surprise firms. By publishing its priorities, the Division aims to encourage firms to prepare for constructive dialogue with exam staff and to increase transparency around how the SEC is deploying its examination resources.
The Division’s work is guided by four pillars: promoting and improving compliance, preventing fraud, monitoring risk, and informing policy. It examines a broad range of SEC-registered entities for compliance with federal securities laws, and the annual priorities are one way the SEC communicates emerging and ongoing risk areas to the market.
For 2026, the Division will continue to focus on core areas, including fiduciary duty, standards of conduct, and the custody rule. At the same time, it will assess compliance with newer requirements, including the 2024 amendments to Regulation S-P, which address how firms safeguard customer information and respond to data breaches. As in prior years, newly registered advisers and investment companies will be a key focus, with examinations aimed at helping them build and enhance robust compliance programs early in their lifecycle.
Acting Director Keith Cassidy noted that the 2026 priorities come at a time of increasing complexity in both markets and regulation. The Division views the coming year as an opportunity to build on its strengths, sharpen its focus, and ensure its examination program continues to protect investors and support fair and orderly markets.
When the SEC launches an exam, it won’t just follow a checklist from the priorities letter. Staff will also look at the firm’s unique risk profile, such as how it operates, its track record, and the products and services it offers. The new priorities give firms a helpful prompt to revisit where they may be vulnerable and shore up their compliance programs before examiners arrive.
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