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On October 23, the Division of Examinations announced its FY27 Examination Priorities. The Division’s press release placed a focus on asset managers, emphasizing: (1) “[i]nvestment advisers’ fiduciary obligations, conflicts of interest, investment recommendations, and compliance programs”; (2) “[r]etail investor protection, particularly regarding complex, higher-risk, and illiquid products”; and (3) “[p]rivate funds, private credit, and other complex investment strategies” as “[k]ey FY 2027 areas of focus.” In particular, the Priorities note that economic conflicts of interest will be a focus area for examiners, both substantively and as part of examiners’ assessment of a firm’s compliance program.

It has been almost five months since the U.S. Department of Labor (DOL) adopted a rule clarifying that environmental, social and governance (ESG) factors may be considered...