On March 27, 2023, the SEC’s Division of Examinations (Division) issued a risk alert on its observations from examinations of newly-registered advisers (Risk Alert). Although newly-registered advisers have been included in the Division’s examination priorities for the past several years, the Risk Alert is a useful resource for new advisers to reference as they prepare for SEC scrutiny. The Risk Alert offers typical examination focus areas and staff observations in three key areas: compliance policies and procedures; disclosures; and marketing practices. Beyond that, the Risk Alert is also unique in that it includes a list of typical information requests by the SEC in examinations and a table of resources the Commission has made available to fund managers. This article discusses key takeaways and insights from industry experts regarding the Risk Alert, including how it contextually fits among the SEC’s broader efforts. For coverage of another recent SEC risk alert, see our two-part series: “Takeaways in the Risk Alert on Performance Advertising, Hedge Clauses and Side Letter Management” (Mar. 22, 2022); and “Lessons From the SEC Risk Alert on Avoiding Disclosure Compliance Failures and Enhancing Diligence Efforts” (Mar. 29, 2022).