SEC Examinations

The SEC currently examines about 10% of the Commission-registered investment adviser universe each year. Preparing for the possibility of your firm being selected for an exam is mission critical. This collection will help in that effort.

You can find our continuously updated news on exams, including priorities, focus areas, peer-proven prep practices, and selection criteria. You can also access document request letters, risk alerts, sweep correspondence and more.

LATEST SEC EXAMINATIONS COVERAGE

Headshot woman investigator looking through magnifying glass

Part 1 of a series: Private fund exam probes valuation

Concerns surrounding the private credit markets could explain the examiner scrutiny. Examiners asked about the current 'amount of audit holdbacks,' a common industry flag of worries about private credit

RCW exclusive: SEC examining interval funds

RCW has obtained exam requests from an ongoing exam related to interval funds run by an adviser. If your firm manages such a fund, it would be worthwhile to be aware of what examiners are asking

Large DOE exam letter probes adviser on valuation

This extensive SEC exam letter touches on many topics with valuation attracting special interest

Exam enhancements detailed by FINRA

FINRA execs discussed changes reshaping the exam program, including 'streamlined first firm exams for lower-risk firms, extended exam cycles where warranted, more targeted data requests, and advance notice about exam timing'

SEC FY โ€™27 plan documents agency changes

The new plan highlights exam priorities, pledges a further embrace of cryptocurrency and signals a slowdown for IM

SEC examinations: Takeaways from recent Commission exams

Examiners displayed their interest in how the adviser was approaching compliance with revised Regulation S-P

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