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SEC Risk Alert highlights annual compliance review deficiencies

Low angle view of the US Securities and Exchange Commission (SEC) headquarters in Washington, DC.
Photo: Getty Images
Janaya Moscony, SEC3

Janaya Moscony, SEC3

4 min read

A standardized annual review that does not account for the adviser’s actual activities, conflicts, and regulatory risks may fail to identify the types of issues highlighted by the SEC.

Providing an important insight into what SEC examiners expect advisers to demonstrate when conducting and documenting their annual reviews, the SEC Division of Examinations shared a number of deficiencies it has observed in a new Risk Alert.

What happened

On September 14, 2026, the SEC’s Division of Examinations issued aExaminations

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