Key Compliance Issues for Advisers and Funds Arising From the SEC’s 2022 Exam Priorities (Part One of Two)

It is important for fund managers to periodically revisit annual SEC examination priorities to measure the adequacy of those managers’ compliance programs, as well as to forecast relevant issues on the horizon. Toward that end, the Practising Law Institute hosted an expert panel that examined key focus areas in the SEC’s Division of Examinations’ (Examinations) 2022 priorities (2022 Priorities). The panel was moderated by Maria Gattuso, principal at Deloitte, and featured Richard Gorman, CCO of Jackson National Asset Management, LLC; Paulita A. Pike, partner at Ropes & Gray; and Maurya C. Keating, Associate Regional Director of the SEC’s New York Regional Office, Co‑Head of the New York Regional Office’s Investment Adviser Investment Company Unit and Co‑Acting Regional Director. This first article in a two-part series evaluates the SEC’s examination trends through 2021, as well as key items in the 2022 Priorities such as fees and expenses; valuations and conflicts of interest; special purpose acquisition companies; and environmental, social and governance offerings and disclosures. The second article will detail the panel’s insights on compliance program resilience; cybersecurity; standards of conduct and Regulation Best Interest; financial technologies; and CCO liability. For more from Keating, see our two-part series on Examinations’ 2020 priorities: “Tips for Fund Managers to Navigate an Examination” (Apr. 7, 2020); and “Potential Impact of the Proposed Advertising Rules and Other Recent SEC Regulatory Reforms” (Apr. 14, 2020).

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