Overview
- The Division will intensify reviews of investment advisers’ duty of care and loyalty, conflict management, and the effectiveness of compliance programs, with particular attention to retail and older investors and to newly registered or never‑examined firms.
- Broker‑dealer exams will test Regulation Best Interest across recommendations, rollovers, and complex products, alongside reviews of the Net Capital and Customer Protection rules.
- Registered funds will face scrutiny of fees and expenses, portfolio management and marketing consistency, valuation and liquidity practices, and compliance with the amended Names Rule.
- Examiners will assess cybersecurity and operational resiliency, including progress toward incident‑response programs required by amended Regulation S‑P, with compliance due December 3, 2025 for larger entities and June 3, 2026 for others.
- The program will review firms’ claims and governance around artificial intelligence, and it omits a standalone crypto‑assets section even as crypto‑related risks remain reviewable under other categories.