Each year, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (Division) prioritizes the examination of certain practices, products and services that it believes present potentially heightened risks to investors or the integrity of the U.S. capital markets. Through its examination process, the Division seeks to promote compliance, prevent fraud, identify and monitor risk and inform policy. These annual examinations are designed to support the SEC’s mission to protect investors, facilitate capital formation and maintain fair, orderly and efficient markets. The Division indicated that it would focus on four significant areas in addition to its examination of core and perennial risk areas. The following does not capture the entirety of the issues that the Division’s examinations will address but instead