On March 3, 2021, the Division of Examinations of the US Securities and Exchange Commission (the “Examinations Division” and “SEC,” respectively) announced its 2021 examination priorities, which, as in previous years, provide insight into its risk-based approach for the year with respect to the entities it examines.1 This Legal Update focuses on the 2021 priorities applicable to investment advisers registered under the Investment Advisers Act of 1940 (“registered advisers”) and investment companies registered under the Investment Company Act of 1940 (“registered funds”).