On November 17, 2025, the SEC Division of Examinations released its 2026 examination priorities (Priorities). The new Priorities once again stress examining regulated firms on fiduciary duties, compliance program effectiveness, fees, expenses and conflicts of interest, while omitting cryptocurrency as an area of exam focus. In particular, the regulators are taking investor protection seriously. Although President Donald J. Trump and SEC leaders have publicly supported broadening retail investor access to private funds, the Division stresses that it will scrutinize how investment advisers, fund managers and broker-dealers treat retail customers – particularly those saving for retirement. The Hedge Fund Law Report interviewed several legal experts on the Priorities’ areas of emphasis and notable omissions, with an eye toward helping fund managers prepare themselves for examinations in 2026. This article summarizes the Priorities’ key takeaways that are the most relevant to private fund managers and the experts’ accompanying insights. See “What to Expect on SEC Examinations Under the New Administration” (Jul. 17, 2025).