SEC Division of Examinations releases new exam handbook

The Securities and Exchange Commission's Division of Examinations published "The SEC Exam Handbook: A Practical Guide on Process and Engagement" on Oct. 1 2026. The handbook supersedes the agency's prior examination brochure and expands the guidance provided to registrants about what to expect during an SEC examination.

The handbook is intended to provide a clear roadmap of the examination process used by division examiners nationwide, with the goal of ensuring consistency and emphasizing a collaborative approach. SEC Chairman Paul S. Atkins said the new handbook "clarifies the examination process, offering regulated entities greater insight into what to expect during an exam and establishing clear expectations." He added that the transparency "will make examinations more effective and further help the SEC fulfill its mission of protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets."

Division of Examinations Director Keith Cassidy noted that the update "answers the call from registrants to provide more clarity to the exam process" and aims to make the program "more accessible, efficient, and effective." He said the division's goal is to make examinations "more consistent and predictable for everyone involved."

The handbook covers each stage of an examination, from the initial risk-assessment process through the issuance of a disposition letter. It also outlines several avenues for registrants to provide feedback or ask questions and includes practical tips and resources to help firms prepare for an exam and stay current on compliance obligations. The document's "Last Reviewed or Updated" date is Oct. 1 2026.