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SEC Exams in 2025: A practical playbook for private fund advisers

A student takes his final exam in a lecture hall at the University of Texas at Austin on February 22, 2024 in Austin, Texas.
Photo: Brandon Bell/Getty Images

SEC exams are likely to stay just as rigorous, if not become even more detail-oriented.

A new administration in Washington has sparked some speculation that the SEC might ease up on private fund advisers. But don’t count on a softer regulatory touch any time soon. While headline-grabbing enforcement actions may become less frequent – whether due to different priorities or a more restrained approach –

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