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Private Funds Top 2022 SEC Exam Priorities

Client memorandum | April 5, 2022

On March 30, 2022, the Division of Examinations (“Division”) of the Securities and Exchange Commission (“SEC”) published its examination priorities for 2022 (the “2022 Priorities”). The Division’s examination priorities are released annually and are designed to preview key areas where the Division intends to focus its limited resources. Topping the list of “Significant Focus Areas” this year are private funds, which have also been the subject of two recent rulemakings by the SEC and a Risk Alert by the Division. Other areas of focus include environmental, social, and governance (“ESG”) investing, fiduciary duty, information security and operational resiliency, and emerging technologies and crypto-assets. As discussed below, the 2022 Priorities also include other specific areas the Division will examine with respect to registered investment advisers (“RIAs”). We remind our clients that the 2022 Priorities do not comprise an exhaustive list of topics that the Division would review during an examination.

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This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm’s data policy page for further information.