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The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025. These priorities address areas of concern based on recent examinations, new or pending rules, or developments in the industry. They often forecast referrals to the Division of Enforcement if material rule violations or deficiencies are uncovered. The announcement for 2026 focuses on six different types of market participants subject to SEC regulation or oversight, as well as four risk areas impacting some market participants.

Click here to read the full GT Alert.

Tags: division of examinations, GT Insight, SEC, securities and exchange commission
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Photo of Arthur Don Arthur Don

Arthur Don is the Co-Chair of the Investment Management Group. He has more than 40 years of experience representing mutual funds, public investment companies, fund independent directors, investment advisers, private investment funds, private equity funds, real estate funds, broker-dealers and public companies in

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Arthur Don is the Co-Chair of the Investment Management Group. He has more than 40 years of experience representing mutual funds, public investment companies, fund independent directors, investment advisers, private investment funds, private equity funds, real estate funds, broker-dealers and public companies in a variety of sophisticated securities transactions. His experience includes various aspects of investment company practice, from organizing new funds through acquisitions and mergers of funds. Arthur has represented issuers and underwriters in numerous public offerings. He also frequently advises independent directors on fiduciary duties, and advises clients on compliance policy issues.

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Photo of Steven M. Malina Steven M. Malina

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors,

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Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors, broker-dealers, investment advisors, commercial banks, investment banks, investment management firms, and public issuers in investigations and disciplinary proceedings initiated by the SEC, CFTC, FINRA, FDIC, NYSE, CBOE, CME, and state regulators. In addition, Steve represents clients in related investor class-action, derivative, and other litigation and arbitration. He has also conducted internal investigations on behalf of publicly traded companies and represented committees and executive officers in internal investigations. Steve has represented brokerage firms and their management in customer-initiated cases, and injunction and arbitration proceedings.

Prior to entering private practice, Steve served as First Vice President and Deputy Regional Counsel for a large financial corporation and was a Senior Attorney in the Branch of Enforcement of the U.S. Securities and Exchange Commission.

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Photo of Richard M. Cutshall Richard M. Cutshall

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of…

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of 1940, fund independent directors, unregistered investment companies, federally registered and state registered investment advisers, broker-dealers, and an array of public and private companies. He represents clients in all aspects of investment company practice, including organizing and forming new funds, registering investment companies with the SEC, the acquisition and merger of funds, and advising clients on the day-to-day aspects of corporate governance, board and adviser fiduciary responsibility, and SEC compliance.

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Photo of Tracy S. Combs Tracy S. Combs

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement…

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement agencies and financial regulators.

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Photo of William Mack William Mack

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority

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William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

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Photo of Rachel Edwards Rachel Edwards

Rachel C. Edwards is a member of the Corporate Practice in Greenberg’s San Diego office and represents private clients in a variety of corporate and securities matters with a focus on ongoing securities compliance and reporting obligations under the Investment Company Act of…

Rachel C. Edwards is a member of the Corporate Practice in Greenberg’s San Diego office and represents private clients in a variety of corporate and securities matters with a focus on ongoing securities compliance and reporting obligations under the Investment Company Act of 1940, corporate governance, and general transactional matters. Rachel has experience representing federally and state registered investment advisers, exempt reporting advisers, broker-dealers and private funds, providing guidance on formation and registration, corporate securities matters, and ongoing SEC and state-based compliance.

Rachel’s corporate practice also extends to counseling startup and private companies throughout their life cycle, including guiding clients through the formation process, managing their capitalization tables, assisting with seed and preferred stock financings, preparing and filing state securities filings, and advising clients with day-to-day corporate governance. Rachel has also helped clients navigate complex financings, including Regulation A, Regulation “CF” crowdfunding, and Regulation D offerings.

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Photo of Douglas W. Hathaway Douglas W. Hathaway

Douglas W. Hathaway is a corporate associate in Greenberg Traurig’s Chicago office, where he is a member of the firm’s Fund Formation and Investment Management Groups. He regularly counsels private equity and hedge fund sponsors in connection with the formation, structuring, capital raising…

Douglas W. Hathaway is a corporate associate in Greenberg Traurig’s Chicago office, where he is a member of the firm’s Fund Formation and Investment Management Groups. He regularly counsels private equity and hedge fund sponsors in connection with the formation, structuring, capital raising activities, ongoing operations, and regulatory compliance of their funds and other alternative investment vehicles. He has represented established and emerging investment managers across an array of domestic and international strategies, including buyout equity, distressed debt, fund of funds, and alternative investment strategies. In addition, Douglas works with a number of registered funds on a number of issues including compliance, filings, and work with their independent boards.

Douglas also advises a range of investment advisers on various compliance issues.

Prior to joining the firm Douglas served in the United States Army and worked at the Federal Bureau of Investigation. During law school, he interned at the Securities and Exchange Commission’s Division of Enforcement.

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