A fundamental concern for a non‑U.S. manager seeking to enter the U.S. market is whether the manager must register with the SEC as an investment adviser or an exempt reporting adviser. Once those non‑U.S. managers have accessed the U.S. market, they then need to brace for immediate scrutiny from the SEC’s Division of Examinations in its exams of never-before examined advisers (NBE exams). Proper preparation for an NBE exam can help a manager emerge relatively unscathed – with a “no further action” letter or minor deficiency letter – and avoid escalation to a more serious matter. Those issues and others were addressed in an ACA Group webinar on how non‑U.S. fund managers can navigate SEC registration requirements, which featured senior principal consultant Abi Loughnane, managing director Robert Baker and director Michael Beeson. The panelists discussed the private fund and foreign private adviser exemptions to registration under the Investment Advisers Act of 1940; common registration-related pitfalls; what to expect in – and how to prepare for – an initial SEC examination; and the range of potential exam outcomes. This article synthesizes their insights. See “Notable SEC Examination Methods and Substantive Focus Areas for Exempt Reporting Advisers and Tips for Avoiding Violations” (Jul. 28, 2020).