FY2026 examination priorities
Examination Priorities FY2026
Examination Priorities, Fiscal Year 2026, Division of Examinations
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- Applies to
- SEC-registered investment adviser
- Effective
- November 17, 2025
When this applies
The Division says the priorities are not the only areas it will address in examinations, and that the scope of any examination includes other risk factors such as an entity's history, operations, and products and services. Being absent from this document is not an assurance about anything.
What the rule says
A description of the source text.
The Division of Examinations' published focus areas for the fiscal year, announced 17 November 2025 (press release 2025-132). For advisers the stated core areas include fiduciary duty and standards of conduct, the custody rule, and the 2024 amendments to Regulation S-P. The Division also said it would prioritise examinations of newly registered advisers, which is worth knowing if the firm registered recently. The document covers the SEC's fiscal year 2026 (1 October 2025 to 30 September 2026) and stays the most recent published priorities until the Division releases the next.
What it requires
Luna's plain-English reading, not the Commission's words.
- 01If the firm registered in the last year or two, expect to be examined sooner than folklore suggests.
- 02The Reg S-P amendments are named, so an adviser without an incident response programme is on a list the examiners published in advance.
Topics
Source last checked against the regulator's copy on October 14, 2026. That date is written by an automated check, not by hand.
Luna Compliance is software, not a law firm. This page is not legal advice and reading it creates no attorney-client relationship. Where this page and the regulator's copy differ, the regulator's governs.