OCIE’s 2020 Examination Priorities: Variations on Recurring Themes

The US Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its 2020 examination priorities on January 7, 2020. A number of the 2020 priorities are continuations from the exam priorities for 2019 (some of which have been enhanced for 2020), and others have been informed by OCIE Risk Alerts or significant regulatory initiatives during 2019, such as the SEC’s investment adviser fiduciary duty interpretation. This Legal Update focuses on the examination priorities for investment advisers and registered investment companies.