On March 30, 2022, the U.S. Securities and Exchange Commission Division of Examinations—formerly the Office of Compliance Inspections and Examinations—released its 2022 Examination Priorities.
The Division is undergoing extensive leadership changes, with the recent departures of several top officials. Consistent with the aggressive agenda set by Chair Gensler for the SEC generally, the Division has returned to its pre-pandemic caseload, conducting over 3,000 exams in fiscal year 2021, issuing over 2,000 deficiency letters, and making 190 referrals to the Enforcement Division. Despite the management changes, the 2022 Priorities generally retain perennial risk areas as the core focus, but include several new and emerging risk areas reflecting the policy goals espoused by Gensler in recent proposed rule releases and public statements.
The 2022 Priorities include: private funds; environmental, social, and governance investing; standards of conduct; information security and operational resiliency; emerging technologies and crypto-assets; standards of conduct for registered investment advisers, broker dealers and exchanges; and oversight of the Financial Industry Regulatory Authority and Municipal Securities Rulemaking Board programs and policies.
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