It is important for fund managers to periodically revisit annual SEC examination priorities to measure the adequacy of their compliance programs, as well as to forecast relevant issues on the horizon. To that end, the Practising Law Institute hosted an expert panel that examined key focus areas in the SEC’s Division of Examinations’ 2022 priorities (2022 Priorities). The panel was moderated by Maria Gattuso, principal at Deloitte, and featured Richard Gorman, CCO of Jackson National Asset Management, LLC; Paulita A. Pike, partner at Ropes & Gray; and Maurya C. Keating, Associate Regional Director of the SEC’s New York Regional Office, Co‑Head of the New York Regional Office’s Investment Adviser Investment Company Unit and Co‑Acting Regional Director. This first article in a two-part series evaluates the SEC’s examination trends through 2021, as well as key items in the 2022 Priorities, such as fees and expenses; valuations and conflicts of interest; and environmental, social and governance offerings and disclosures. The second article
will detail the panel’s insights on compliance program resilience; cybersecurity; standards of conduct and Regulation Best Interest; financial technologies; and CCO liability. For more from Keating, see our two-part series on the SEC’s focus on private fund managers: “Alternative Data and ‘Shadow Trading’
” (Dec. 2, 2021); and “Examination Trends, Priorities and Deficiencies
” (Dec. 16, 2021).