The SEC Division of Examinations (Division) recently released its 10th annual examination priorities report (Priorities). The Priorities cover perennial focus areas, such as conflicts of interest; fees and expenses; and valuations, as well as emerging areas, such as information security, digital assets, resiliency and responsible investing. They also take direct aim at how private fund advisers address those areas and comply with their fiduciary duties. This article analyzes the Priorities, with commentary from Ken C. Joseph, Kroll managing director and former Senior Officer in the Division. See our coverage of the Division’s 2021 Priorities; 2020 Priorities; 2019 Priorities; 2018 Priorities; 2017 Priorities; and 2016 Priorities. For further insights from Joseph, see our two-part series “Thirteen Questions an Adviser’s Principals Should Ask Compliance”: Part One (Jan. 13, 2022); and Part Two (Jan. 20, 2022).