The SEC Division of Examinations under the Trump administration has maintained a consistent pace of investment adviser examinations, with continuing focus on core issues, including policies, procedures and conflicts of interest, according to the speakers at a PLI program on compliance and examination issues for investment advisers. There has also been no let-up in examinations of private fund advisers. In addition to discussing recent exam trends, the speakers offered guidance on how advisers can best prepare for SEC examinations, the exam selection process, how advisers can navigate each stage of an SEC exam, responding to deficiency letters, referrals to the SEC Division of Enforcement and compliance concerns arising out of the widespread adoption of artificial intelligence tools. This article discusses the key takeaways from the program. See “SEC 2026 Exam Priorities: Retail Investor Protection In, Crypto Out” (Feb. 12, 2026).