Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 10 DECEMBER 2025

The SEC's 2026 Examination Priorities

Barnes & Thornburg LLP
Explore more from Barnes & Thornburg LLP

On November 17, 2025, the SEC's Division of Examinations published its Examination Priorities for Fiscal Year 2026 (2026 Exam Priorities), signaling where and how the Division intends...

United StatesFinance and Banking
Paul W. Kisslinger
Paul W. Kisslinger
Margot Laporte
Margot Laporte
Kaleb Gorman
Kaleb Gorman
Author LinkedIn connections

Highlights

  • In its Examination Priorities for Fiscal Year 2026, the U.S. Securities and Exchange Commission (SEC) signals a shift back to the foundational priorities of retail investor protection, market integrity, and consistent examination practices, while indicating they will move away from "regulation by enforcement" and novel legal theories.
  • Examiners will intensify focus on cybersecurity and operational resiliency, including firms' readiness for amended Reg S-P requirements and controls addressing identity theft and advanced cyber threats.
  • Investment advisers, investment companies, and broker-dealers should expect close review of fiduciary duties, compliance program effectiveness, fund fees and disclosures, order routing and execution quality, and risks associated with complex or illiquid products.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

New NYSE Delisting Rules: What Microcap Companies Need To Know About The $0.25 Minimum Trading Price

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.
United StatesFinance and Banking
Bevilacqua
Bevilacqua
Article

The Financing Problem Behind the AI Infrastructure Boom: What Lenders and Sponsors Need to Watch

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.
United StatesFinance and Banking
Riveron
Riveron
Article

IEEPA Tariff Refunds: Critical Developments, Phase III Delays, And Action Steps For Importers

U.S. Customs and Border Protection has begun processing IEEPA tariff refunds through its CAPE system, but Phase III covering finally liquidated entries faces delays and requires court orders. With the Department of Justice appealing the universal refund order and class certification pending, importers with finally liquidated entries may need to file individual lawsuits at the Court of International Trade to preserve their claims before statutory deadlines expire.
United StatesInternational Law
Barnes & Thornburg LLP
Barnes & Thornburg LLP
Article

California Passes AB-1883 Targeting AI Workplace Surveillance Of Employees’ Emotional State And Neural Data

On Aug. 30, AB-1883 received final legislative approval and now heads to California Governor Gavin Newsom for signature or veto. If enacted, AB-1883 would prohibit employers from using workplace surveillance tools that rely on artificial intelligence (AI) to recognize, infer, or predict an employee’s emotional state, or to collect “neural data.”
United StatesEmployment and HR
Barnes & Thornburg LLP
Barnes & Thornburg LLP
Article

OFAC Broadens Cuba Sanctions And Restricts Payments And Travel

The U.S. Treasury Department's Office of Foreign Assets Control has implemented sweeping changes to Cuba sanctions, introducing a new regulatory framework that extends restrictions beyond U.S. persons to foreign entities and financial institutions. These measures eliminate key banking authorizations, expand transaction prohibitions to include intermediary payments, and significantly narrow travel permissions, creating new compliance challenges for businesses operating in or through Cuba-related channels.
United StatesGovernment, Public Sector
Barnes & Thornburg LLP
Barnes & Thornburg LLP
Article

Russia Sanctions And Tariffs: What Businesses Need To Know About The Graham Act

President Trump has signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, introducing sweeping new tariffs of up to 100% on countries purchasing Russian energy and up to 500% on Russian-origin goods. The legislation also codifies existing executive order sanctions into statute, requiring congressional action to lift restrictions and creating mandatory secondary sanctions on foreign financial institutions transacting with designated Russian banks. Companies face immediate compliance challenge
RussiaInternational Law
Barnes & Thornburg LLP
Barnes & Thornburg LLP
Article

Time To Update The Handbook And The Training Deck: Three New California Laws Affecting Employment Policies And Training

California Governor Newsom has signed three bills that will require California employers to revisit their written policies and their training programs. On the policy side, SB 1149 widens who counts as a “family member” for bereavement leave. On the training side, AB 1803 adds an anti-hate speech component to mandatory harassment prevention training starting Jan. 1, 2028.
United StatesEmployment and HR
Barnes & Thornburg LLP
Barnes & Thornburg LLP