The June 30, 2023, planned cessation date for the London Interbank Offered Rate (LIBOR) is finally upon the industry. Advisers with legacy contracts that use LIBOR as a reference rate face business and compliance risks arising out of the transition to an alternative reference rate, including potential valuation issues and conflicts of interest. The SEC has been focusing on the impending transition for several years by making it an examination priority, conducting an exam initiative and issuing guidance to registrants. On May 11, 2023, the SEC Division of Examinations issued a risk alert (Risk Alert) that discusses the findings of that examination initiative and the remaining challenges registrants face. This article parses the Risk Alert and related SEC guidance, with commentary from Anne E. Beaumont, partner at Friedman Kaplan Seiler Adelman & Robbins LLP. See “One Year to Go: The State of Play in LIBOR Transition” (Jun. 23, 2022); and “Debtwire/SRS Acquiom Study: Hedge Funds Largely Prepared for LIBOR’s End; SOFR the Likely Replacement Rate” (Oct. 28, 2021).