Consistent with recent years, early this fiscal year the SEC’s Division of Examinations (the “Examinations”) has released its 2026 examination priorities (“Priorities”). The Priorities signal a more engagement‑oriented program consistent with one of Chairman Atkins’ mantras, framing regulatory oversight and compliance as a two‑way conversation—not a “gotcha” exercise. In the prologue, Examinations leadership: (1) promises to share observations and deepen outreach with registrants and SROs, and to harmonize its work with that of the Commission’s various policy divisions and (2) underscores its plan for deploying limited resources to the highest risk areas for investors and market integrity. The second issue is a perennial one for the SEC but is particularly acute following the significant reduction in headcount the SEC has experienced in the past nine months. Notwithstanding agency changes, in our experience, the work of Exams has generally continued to proceed apace.