SEC Releases Examination Priorities for 2027

The SEC’s Division of Examinations (the “Division”) has published its examination priorities for fiscal year 2027. This publication, released annually, “identifies key areas of focus as the Division carries out its mission to promote compliance, prevent fraud, identify and monitor risk, and inform Commission policy.” Priorities for the Division in the upcoming year will include:

• Investment advisers, including fiduciary duties, compliance program effectiveness, and examinations of advisers that have never been examined or that are not yet registered.
• Registered investment companies, including mutual funds and exchange-traded funds.
• Broker-dealers, including compliance with financial responsibility rules, trading practices, sales practices, anti–money laundering, and effective supervision.
• Self-regulatory organizations, including national securities exchanges, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, and the PCAOB.
• Systemically important clearing agencies.
• Other market participants, including municipal advisers, transfer agents, funding portals, security-based swap dealers, and security-based swap execution facilities.
• Risks that affect various market participants, including cybersecurity; emerging financial technology (e.g., super intelligence, automated services); and compliance with Regulation S-P, Regulation S-ID, and Regulation SCI.

For more information, see the press release on the SEC’s Web site.