The US Securities and Exchange Commission has published its fiscal-year 2027 examination priorities, giving investment advisers, funds, broker-dealers and market infrastructure providers an early view of areas likely to receive scrutiny.
The Division of Examinations oversees more than 34,000 registrants. Its priorities are not a new rulebook and are not exhaustive; they explain how the SEC intends to direct risk-based examination resources.
What will examinations focus on?
For investment advisers, the programme highlights fiduciary duties, conflicts of interest, recommendations and the effectiveness of compliance policies. Retail exposure to complex, high-risk or illiquid products remains in focus, along with private funds and the expanding private-credit market.
Broker-dealer examinations will consider supervision, trading practices, financial responsibility and anti-money-laundering controls. Market infrastructure work includes Treasury clearing, self-regulatory organisations and the operational changes associated with tokenisation.
Why are cybersecurity and AI prominent?
Financial firms hold sensitive customer information and depend on interconnected systems. The SEC plans to examine cyber resilience, protection of customer records and the ability to maintain operations when technology fails or is attacked.
The priorities also mention advanced technologies, including AI. Firms using automated tools still need accurate disclosures, appropriate supervision and controls suited to the risks. The document does not prohibit AI or declare every use high risk; it signals that technology claims and governance may be tested against existing obligations.
What should regulated firms do now?
A priority list is most useful as a prompt for evidence. Firms can check whether policies match actual practice, conflicts are documented, vendor risks are monitored and incident-response plans have been tested. Private-credit managers should be able to explain valuation, liquidity, fees and the information given to investors.
Examinations are fact-specific, so a firm should not redesign its programme solely around the published list. The durable approach is to understand its own business model, identify where customers or markets could be harmed and keep records showing how controls operate.
Source: SEC announcement and 2027 examination-priorities document, 23 October 2026.
Image: Sasun Bughdaryan via Unsplash.