On February 7, the Division of Examinations within the U.S. Securities and Exchange Commission (the SEC) released its annual list of examination priorities for investment advisers regulated by the SEC under the U.S. Investment Advisers Act of 1940 (the “Advisers Act”), as well as investment companies under the U.S. Investment Company Act of 1940 and broker-dealers under the U.S. Securities Exchange Act of 1934. The 2023 priorities report follows one of the SEC’s most active years with respect to proposed rulemaking for private fund sponsors. Many of last year’s proposed rules are expected to become effective in some form later this year.