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Last week, the Securities and Exchange Commission’s newly renamed Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations) published its 2021 Examination Priorities (“Exam Priorities”). This annual guidance reports on the Division’s accomplishments and rates of examinations for the prior year, and seeks to promote compliance, prevent fraud, identify and monitor risk, and inform policy. It provides industry participants with a road map to plugging any gaps in their compliance.
Many of the Exam Priorities are perennials for example, those related to broker-dealer sales practices and treatment of seniors, and registered investment adviser compliance programs but these are supplemented by the Division’s focus on risks that have emerged in recent years, including information security, digital assets, and operational resiliency in light of climate-change related risks. This