On April 18, 2013, just before being named the new Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE), Andrew J. Bowden spoke at the Regulatory Compliance Association’s “Regulation, Operations & Compliance 2013” Symposium. Bowden provided context for and color on OCIE’s recently-issued policy statement entitled “Examination Priorities for 2013,” and highlighted important findings from recently-conducted presence examinations. This article summarizes the key points from Bowden’s speech. For more on concerns identified by SEC staff during recent presence examinations, see “Do In-House Marketing Activities and Investment Banking Services Performed by Private Fund Managers Require Broker Registration?,” Hedge Fund Law Report, Vol. 6, No. 16 (Apr. 18, 2013).