Morgan Lewis’s securities enforcement and investment management teams highlight expected US Securities and Exchange Commission (SEC or Commission) priorities for investment advisers in 2022 and look back at significant SEC enforcement matters against investment advisers over the last year. If you have a private funds focus, we encourage you to review our companion piece directed to private fund registered investment advisers (RIAs).

As we pass the one-year anniversary of Chairman Gary Gensler’s tenure at the SEC, it is clear that aggressive policing of investment advisers is and will continue to be a priority. The newly issued 2022 Examination Priorities for the Division of Examinations emphasize the need for resilient compliance programs and a continued focus on “best execution obligations, financial conflicts of interest and related impartiality of advice, and any attendant client disclosures.”