All investment advisers that are registered with the SEC – including those that manage private funds – are subject to examination. Not even a global pandemic could stop the SEC’s Division of Examinations (Examinations) from conducting 2,128 exams in fiscal year 2020. Of course, those exams were largely conducted remotely, and the success of remote exams may have contributed to the increase in exams of investment advisers based outside of the U.S. The first article in a three-part series discusses the SEC’s authority to conduct examinations of non‑U.S. advisers and the trend of more exams of those advisers. The second article compares SEC exams of U.S. advisers to its exams of non‑U.S. advisers and SEC exams to exams conducted by foreign regulators. The third article provides practical tips for non‑U.S. advisers that may face an SEC exam for the first time. See our two-part series “What Hedge Fund Managers Can Expect From SEC Remote Examinations”: Part One (May 12, 2016); and Part Two (May 19, 2016).