In October 2024, the U.S. Securities and Exchange Commission (SEC) Division of Examinations released its annual list of examination priorities, identifying key areas of focus for the fiscal year 2025. These priorities are part of the SEC’s broader mission to protect investors, maintain fair and efficient markets, and promote capital formation. By highlighting emerging risks and areas of particular concern, the Division’s priorities offer guidance to financial firms, investment advisers, and broker-dealers on where they may face regulatory scrutiny in the year ahead. This year’s priorities, published just before the U.S. presidential election, reflect a commitment to continuity in investor protection, yet may evolve under new leadership. Firms should pay close attention to these priorities and prepare accordingly, as they provide valuable insight into the Division’s focus on compliance with fiduciary duties, conduct standards, cybersecurity practices, and the responsible use of artificial intelligence. Each of these areas represents both a challenge and an opportunity for market participants to reinforce regulatory compliance and bolster investor confidence.  

Examination Priorities for 2025 

1. Advisers’ Fiduciary Duty and Conflicts of Interest Focus: The SEC emphasizes investment advisers’ duty to act in the best interest of their clients. Examiners will likely investigate whether firms have policies that ensure transparency and fair dealing, especially where conflicts of interest might arise. 

Specific Areas of Scrutiny: Examiners will look at fee structures, compensation models, and whether advisers are disclosing any conflicts of interest that may affect their impartiality. For example, conflicts could include recommendations that benefit the adviser financially, such as advising clients to invest in affiliated products or high-fee funds. 

Actionable Steps for Firms: Firms should prepare by ensuring that all conflicts are clearly disclosed to clients and that there are internal policies to manage and mitigate these conflicts effectively. Documentation of efforts to comply with fiduciary obligations will also be critical during examinations. 

2. Standards of Conduct Focus: This priority targets compliance with the Regulation Best Interest (Reg BI) standard for broker-dealers and fiduciary standards for investment advisers, which mandate that financial professionals prioritize client interests. 

Specific Areas of Scrutiny: Examiners will investigate how firms are implementing and enforcing these standards, focusing on suitability of investment recommendations, client risk tolerance assessments, and disclosures. Firms’ marketing materials and communications may also be reviewed for potential misrepresentation or exaggeration of returns and risks. 

Actionable Steps for Firms: Firms should ensure robust training for representatives on Reg BI and fiduciary standards and maintain clear documentation to support suitability determinations and client communications. Firms should also review advertising materials for any misleading claims. 

3. Cybersecurity Focus: As cyber threats grow more sophisticated, the SEC will scrutinize firms’ cybersecurity measures to protect client data, intellectual property, and firm integrity. 

Specific Areas of Scrutiny: Examiners will review firms’ cybersecurity policies, procedures for handling data breaches, and practices for assessing third-party risks. They will also look at employee training on cybersecurity protocols and the adequacy of response plans for cyber incidents. 

Actionable Steps for Firms: Firms should conduct regular cybersecurity risk assessments and ensure that they have an incident response plan in place. It’s also crucial to provide cybersecurity training for employees and ensure data protection practices comply with regulatory standards. Firms should document efforts to test and improve their cybersecurity measures to present a robust defense during examinations. 

4. Artificial Intelligence (AI) Focus: As AI tools become more prevalent in financial services, the SEC will assess how firms implement and oversee AI technologies, particularly regarding fairness, transparency, and governance. 

Specific Areas of Scrutiny: Examiners will examine how firms govern and audit their AI tools, ensuring that these technologies do not lead to unintended biases or conflicts. The focus will also be on how firms disclose their use of AI in decision-making processes and whether adequate safeguards are in place to prevent misuse. 

Actionable Steps for Firms: Firms should establish clear governance frameworks for AI implementation, ensuring transparency in how these tools influence client recommendations and decisions. Documenting efforts to test and evaluate AI for biases or errors and disclosing AI use to clients will be important steps toward compliance. 

These priorities provide a clear roadmap for where the SEC’s focus will be in the coming year. By proactively addressing these areas, registrants can help minimize examination risks and align with regulatory expectations.

 If you have questions about these changes or need assistance navigating compliance under the amended rules, please reach out to our team for tailored guidance.  

2024年10月，SEC审查部发布了其年度审查重点清单，确定了2025财年关注的关键领域。这些重点是SEC广泛使命的一部分，旨在保护投资者，维护公平和高效的市场，促进资本形成。通过突出新兴风险和特定关注领域，审查部的重点为金融企业、投资顾问和经纪交易商提供了未来一年可能面临监管审查的指导。今年的重点发布于美国总统大选前，体现了在投资者保护方面的连续性承诺，但在新领导层的带领下可能会有所变化。企业应密切关注这些重点并做好准备，因为它们提供了审查部在履行受托责任、行为准则、网络安全实践和人工智能负责任使用方面的合规关注。每个领域都既是挑战也是机遇，为市场参与者加强合规和提升投资者信心提供了机会。 

2025年审查重点： 顾问的受托责任与利益冲突 ：SEC强调投资顾问的责任，要求他们以客户的最佳利益行事。审查员可能会调查公司是否具备确保透明和公平交易的政策，特别是在可能出现利益冲突的情况下。  具体审查领域：审查员将关注收费结构、薪酬模式，以及顾问是否披露任何可能影响其公正性的利益冲突。例如，冲突可能包括对顾问有财务利益的建议，如建议客户投资关联产品或高费用基金。  企业可采取的措施：企业应准备好确保向客户清楚披露所有冲突，并且拥有内部政策来有效管理和缓解这些冲突。在审查期间，记录合规受托义务的努力也将至关重要。

行为准则 ：该优先事项关注经纪交易商的最佳利益规则（Reg BI）和投资顾问的受托标准的合规性，这些标准要求金融专业人士优先考虑客户的利益。  具体审查领域：审查员将调查公司如何实施和执行这些标准，关注投资建议的适合性、客户风险承受能力评估以及披露内容。公司宣传材料和沟通也可能被审查，是否存在收益和风险的误导或夸大。  企业可采取的措施：企业应确保为代表提供有关Reg BI和受托标准的全面培训，并保留明确的文件以支持适合性决定和客户沟通。公司还应审核广告材料，确保没有误导性声明。 

网络安全 ：随着网络威胁日益复杂，SEC将审查公司保护客户数据、知识产权和公司完整性的网络安全措施。  具体审查领域：审查员将评估公司的网络安全政策、处理数据泄露的程序以及第三方风险评估实践。他们还将关注员工的网络安全协议培训和对网络事件的应对计划是否足够。  企业可采取的措施：企业应定期进行网络安全风险评估，并确保有应急响应计划。同时，向员工提供网络安全培训，并确保数据保护实践符合监管标准。企业应记录测试和改进其网络安全措施的努力，以在审查过程中呈现出稳固的防御。 

人工智能（AI）：随着AI工具在金融服务中的普及，SEC将评估公司如何实施和监督AI技术，特别是在公平性、透明性和治理方面。  具体审查领域：审查员将考察公司如何管理和审计其AI工具，以确保这些技术不会导致意外的偏见或冲突。重点还将放在公司如何披露AI在决策过程中的使用，以及是否有足够的保障措施防止滥用。  企业可采取的措施：企业应建立明确的AI实施治理框架，确保这些工具对客户建议和决策的影响透明化。记录测试和评估AI偏见或错误的努力，并向客户披露AI的使用将是合规的重要步骤。 

这些优先事项为未来一年SEC的关注领域提供了一个清晰的预览图。通过积极应对这些领域的合规要求，注册者可以减少审查风险并符合监管期望。如您对这些变化有疑问或需要协助在新规则下进行合规操作，请联系我们的团队以获得量身定制的指导。