The SEC’s Division of Examinations has released its 2026 examination priorities. The focus remains consistent with last year across three themes: fiduciary standards, the strength of compliance programs, and oversight of newly registered or never examined advisers.
Below is ACC’s summary of what has changed, what has not and what firms should prepare for in 2026.
What Has Changed or Is New in 2026?
While the SEC’s core themes remain steady, the 2026 priorities introduce notable shifts in emphasis and several emerging focus areas.
Data Privacy & Regulation S-P Compliance
With the compliance dates for the Regulation S-P amendments approaching, the Division will review advisers’ updated data privacy programs, including policies and procedures for safeguarding client information and responding to unauthorized access or incidents.
Private Fund Advisers Integrated Into Broader Themes
Private fund risks no longer appear in a standalone category. Instead, they are incorporated into fiduciary duty and compliance program reviews, with continued attention on liquidity, valuation, fees and investor treatment.
Reduced Focus on Crypto
Crypto is no longer highlighted as a separate risk category. Examiners may still review digital asset activities as part of broader examinations, particularly where operational, compliance or fiduciary risks are implicated.
Operational & Third-Party Access Risks
The 2026 priorities place stronger emphasis on operational vulnerabilities, including risks tied to third-party access to client accounts and the operational challenges that arise from mergers, acquisitions or adviser consolidations. Examiners will assess whether advisers maintain appropriate controls and oversight in these areas.
Key Focus Areas for Advisers in 2026
Adherence to Fiduciary Standards of Conduct
The SEC continues to prioritize advisers’ duty of care and loyalty, particularly for firms serving retail investors. Examiners will focus on:
- Ensuring investment advice and disclosures align with fiduciary principles, including the impact of conflicts of interest, product costs, liquidity, risks and best execution.
- Heightened scrutiny of complex, alternative or higher-cost products, such as private credit, private funds with lock-ups, leveraged or inverse ETFs and other illiquid offerings.
- Evaluating whether recommendations fit each client’s investment objectives and personal circumstances, with special attention to retirement investors and newly launched private funds.
- Oversight of advisers with elevated risks, including dual registrants, advisers offering third-party account access, and firms undergoing business changes through mergers or acquisitions.
Effectiveness of Advisers’ Compliance Programs
Beyond reviewing core compliance areas such as marketing, valuation, portfolio management and custody, examiners may:
- Assess whether advisers’ policies and procedures are reasonably designed to comply with fiduciary obligations and address conflicts of interest.
- Review implementation and enforcement of compliance policies, including disclosures related to fee and compensation conflicts.
- Evaluate adviser practices tied to activist engagement strategies and related regulatory filings, including Schedules 13D/G and Forms 13F, 3, 4, 5 and N-PX.
- Examine compliance practices following changes to business models or expansion into new asset classes or client types.
Registered Investment Companies
The SEC will continue to prioritize examinations of mutual funds and ETFs, with focus areas including:
- Fund compliance programs, disclosures, summary prospectuses and governance practices.
- Fees and expenses, including any waivers or reimbursements.
- Portfolio management and disclosures aligned with stated investment strategies, marketing materials and the amended Fund Names Rule.
- Developing areas such as:
- RICs involved in mergers or similar transactions.
- Funds using complex strategies or holding illiquid assets, including valuation and conflicts concerns.
- Funds employing leverage or novel strategies.
Information Security & Operational Resiliency
Cybersecurity and resiliency remain firm priorities in 2026. Examiners will review:
- Governance practices, access controls, data loss prevention, incident response and ransomware readiness.
- Employee training programs and operational controls across dispersed operations.
- Firms’ ability to maintain resiliency amid weather-related disruptions and geopolitical risks.
Emerging Financial Technology & Artificial Intelligence
The SEC continues to monitor advisers’ use of technology, including automated tools and AI-driven processes. Examiners will review:
- Accuracy and fairness of representations regarding algorithmic or automated investment tools.
- Consistency between algorithmic outputs and investors’ profiles or stated strategies.
- AI oversight controls related to fraud prevention, AML, operations and trading.
- Integration of regulatory technology to strengthen compliance processes.
ACC will continue to monitor developments and provide actionable guidance to help firms navigate the SEC’s evolving priorities with confidence.
If you want help preparing for the 2026 landscape, we are here to support you with practical solutions built for real operations. Contact us to schedule a meeting.
