ENINVESTMENT ADVISER COMPLIANCE & OVERSIGHT · OCTOBER 5, 2026
SEC Publishes New Examination Handbook for Regulated Firms
The SEC Division of Examinations released a new handbook describing the examination process from risk assessment through the disposition letter, with practical preparation guidance and feedback channels.
What the SEC announced
Source publication date: October 1, 2026. The SEC's Division of Examinations published The SEC Exam Handbook: A Practical Guide on Process and Engagement. The agency said the handbook replaces and expands the prior examination brochure by giving registrants more detail about what to expect during an examination.
- 01New handbook replaces prior brochure
- 02Process guidance is more detailed
- 03Preparation does not guarantee an outcome
The handbook covers the examination lifecycle
According to the SEC, the handbook describes each stage from risk assessment through the disposition letter. It also identifies avenues for registrants to ask questions or provide feedback and offers practical preparation tips and resources for staying current on compliance obligations. The stated goals include greater consistency, predictability, accessibility, and collaboration across examinations.
A process guide does not certify compliance
The handbook does not eliminate firm-specific information requests, findings, remediation, or enforcement risk and does not indicate that an examined firm or investment is safe. Investment advisers, funds, broker-dealers, and other registrants remain responsible for the laws, rules, fiduciary duties, disclosures, books and records, policies, and controls applicable to their businesses.
Practical investor and manager takeaway
Managers should compare the handbook with their examination playbook, assign response roles, test document retrieval, verify disclosures against practice, maintain an issues log, and document remediation. Investors conducting diligence can ask about the manager's compliance resources, regulatory history, custody, valuation, conflicts, cybersecurity, business continuity, and response to prior findings. The existence of a handbook or an examination is not a substitute for independent due diligence or professional advice.
Advisers and fund managers should map the handbook to their compliance calendar, books and records, disclosures, custody, valuation, cybersecurity, conflicts, and documented remediation; investors can ask how a manager prepares for and responds to regulatory examinations.
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