On February 7, 2023, the Division of Examinations (“Division” or EXAMS”) of the U.S. Securities and Exchange Commission (“sec”) released its 2023 Examination Priorities (“Annual Priorities”). Released at the beginning of each calendar year, the priorities tend to repeat the previous year's priorities, and consumers of these regulatory tea leaves need to search closely for clues as to what is new and meaningful. This year the Division helpfully identified certain “Notable New Significant Focus Areas,” which included two priorities affecting private funds.
Source: SEC Examinations in 2023 to Focus on “Riskier Private Funds” and New Marketing Rule