On October 1, 2026, the Division of Examinations (EXAMS or Division) of the Securities and Exchange Commission (SEC or Commission) released its new examination handbook titled The SEC Exam Handbook: A Practical Guide on Process and Engagement.1 The handbook replaces the Division’s prior 2023 examination brochure and provides greater transparency around the SEC’s examination process in one document.
Many of the examination practices and expectations described in the handbook are not new and will be familiar to registrants. Like the prior EXAMS brochure, the handbook describes the life cycle of an examination. It offers registrants insights into the Division’s approach to examinations and what to expect at each stage, including the staff’s announcement of an examination, information requests, interviews and on-site visits, exit conferences, and deficiency letters.
One notable item in the handbook, especially with the advances in technology and the use of artificial intelligence, involves interviews conducted by videoconference. The handbook states that staff do not record or transcribe meetings with registrants.2 The Division notes that staff also do not consent to the use of recording, transcription, artificial intelligence notetaking tools or similar technologies by registrants engaging in discussions with staff.3
The publication of the handbook follows remarks delivered by EXAMS Director Keith Cassidy at the Investment Company Institute’s Compliance, Risk, and Legal Conference on September 16, 2026. In those remarks, Cassidy announced that the Division would publish a “modern and expanded replacement” for the 2023 brochure and previewed aspects of the new handbook. Consistent with Cassidy’s remarks, the handbook frames a successful examination as a shared responsibility. Staff are to approach each examination with “an accessible and collaborative mindset, not an adversarial one,” and the Division expects the same from registrants.
The handbook also echoes Cassidy’s encouragement that registrants raise concerns directly with the examination teams and their supervisors, noting that registrants can resolve most questions or concerns at this level. Registrants with unresolved concerns or who wish to provide feedback may contact the Examination Hotline to speak with staff in the Division’s Office of Chief Counsel or the Commission’s Office of Inspector General.
The new handbook is a practical tool for registrants planning for or navigating an examination, and it links to a number of other Commission resources, including the Division’s risk alerts. In recent years, the Division has published risk alerts addressing the examination of investment advisers,4 broker-dealers5 and registered investment companies,6 each of which includes a list of documents and information that staff typically request during an examination. Read together with the handbook, these resources give registrants a clearer picture of the Division’s expectations during a potential examination.
