This week: The SEC just told you exactly what examiners will look for this year — conflicts of interest, compliance program effectiveness, and never-examined advisers are all named priorities. Plus: FINRA is proposing a new tool that would let you pause suspicious client transactions before money walks out the door.
UPDATE 1: SEC Tells RIAs Exactly What Examiners Will Look For in 2026
Source: SEC Division of Examinations, 2026 Examination Priorities
Summary: The SEC’s Division of Examinations published its fiscal year 2026 priorities, and investment advisers lead the list. Examiners will focus on three core areas: fiduciary duty and conflicts of interest, the effectiveness of compliance programs, and advisers that have never been examined. The document also calls out specific business practices as heightened risk areas — including dually-registered advisers, third-party platform access to client accounts, and advisers that have recently merged or been acquired.
What This Means for You: This document is the closest thing to an exam checklist the SEC will ever hand you. Examiners will specifically look at whether your conflicts of interest are fully disclosed — particularly if any of your reps are dually licensed and receive commissions or other financial incentives. They will also evaluate whether your annual compliance review documented actual findings and resulted in any changes, or whether it was a checkbox exercise. Marketing, valuation, trading, and custody are all on the standard review list. If you’ve never been examined, the SEC has now named you a priority for the third consecutive year — expect a visit.
Action Required:
∙ Pull your most recent annual compliance review — does it reflect real findings, or just “no issues noted”?
∙ Review your ADV Part 2A for any undisclosed fee or compensation conflicts
∙ If you use third-party platforms to access client accounts, document your controls around that access
∙ If you’ve never been examined, review your compliance manual and Form ADV now — don’t wait for the letter
Urgency: HIGH — Exam season is underway. This document tells you exactly what they’re looking for.
Bottom Line: The SEC published their exam checklist. There’s no reason to be caught off guard.
UPDATE 2: FINRA Proposes New “Speed Bump” Rule to Pause Suspicious Client Transactions
Source: FINRA Regulatory Notice 26-02, January 8, 2026
Summary: FINRA is proposing new Rule 2166, which would give member firms — and by extension dually-registered advisers — a formal tool to place a temporary 5-business-day hold on any suspicious disbursement or transaction when fraud is suspected, for clients of any age. Currently, similar temporary hold protections only cover clients 65 and older or those with diminished capacity. The proposal also extends the maximum hold period for senior clients from 55 business days to 145 business days.
What This Means for You: If your firm is dually registered, or if you work with a custodian that is a FINRA member, this rule would give you a structured, liability-protected way to pause a transaction when something feels wrong — before the money leaves. The 5-day window is designed specifically to let you contact the client away from whoever may be pressuring them. With AI-enabled fraud schemes on the rise, having a documented process for flagging suspicious activity is becoming a baseline compliance expectation.
Action Required:
∙ Check whether your current client agreements or compliance policies address suspicious transaction holds — if not, consider adding language now ahead of any final rule
∙ If you work with elderly or vulnerable clients, review your existing trusted contact and temporary hold procedures — the maximum hold period may soon extend significantly
∙ Note the comment period closed March 9, 2026 — a final rule is likely to follow later this year
Urgency: MEDIUM — Proposed rule, not yet final. But worth reviewing your fraud response procedures now.
Bottom Line: FINRA is building you a legal safe harbor to pause suspicious transactions. Make sure your procedures will be ready to use it.
Compliance Calendar — March 2026
∙ March 30 — FINRA Gifts Rule new $300 limit takes effect
∙ March 31 — Form ADV annual amendment due for most RIAs
∙ June 3 — Regulation S-P amended rule compliance deadline
ClearReg is an independent research and information service. This briefing is for informational purposes only and does not constitute legal, compliance, or investment advice. Always consult a qualified compliance professional or attorney for guidance specific to your firm.
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