Annual compliance review observations
Risk Alert
Examinations Observations Regarding Investment Adviser Annual Compliance Review
Read the current text at the source ↗Guide: Solo Adviser Compliance from A to Z
Guide: The RIA Chief Compliance Officer: Duties, Authority and Liability
Guide: Annual Compliance Review Checklist for Investment Advisers
- Applies to
- SEC-registered investment adviser
- Effective
- September 14, 2026
When this applies
A Risk Alert records what the Division of Examinations has been finding. It is not a rule and it does not create an obligation. Its value is predictive: it tells you what an examiner is likely to ask for, which is a different and often more immediately useful thing than what the rule requires.
What the rule says
A description of the source text.
Division of Examinations staff observations on advisers' annual compliance reviews under Rule 206(4)-7, published 14 September 2026. The staff frames it as areas advisers may want to consider when conducting their reviews, and encourages firms to reflect on their practices and make any appropriate changes. Read the alert itself for the specific observations.
What it requires
Luna's plain-English reading, not the Commission's words.
- 01Pair it with 206(4)-7. The rule sets the obligation; this says how examiners have been testing whether it was met.
- 02Worth reading before the next annual review rather than after it.
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.