Although there has been much talk of deregulation under the new Trump administration, investment advisers remain subject to close SEC scrutiny. A program presented by Davis Polk offered guidance on preparing for and handling routine examinations conducted by the Division of Examinations – then known as the Office of Compliance Inspections and Examinations (OCIE) – with a view toward minimizing the risk of a referral to the SEC’s Division of Enforcement (Enforcement Division). The program featured Davis Polk partners Leor Landa, Amelia T.R. Starr and James H.R. Windels, along with associate Marc J. Tobak. This two-part series summarizes the panel’s insights. The first article discusses five areas identified by the panelists on which OCIE frequently focuses during the examination of investment advisers. The second article provides guidance on the steps advisers can take to minimize the likelihood that OCIE will refer certain issues to the Enforcement Division. See “Common SEC Exam Issues for Large Advisers and How to Avoid Them” (Mar. 27, 2025); and “How Managers Can Navigate the Thin Line Between SEC Examinations and Enforcement” (Nov. 14, 2019).