The June 30, 2023, planned cessation date for the London Interbank Offered Rate (LIBOR) is finally upon the industry. Advisers with legacy contracts that use LIBOR as a reference rate face business and compliance risks arising out of the transition to an alternative reference rate, including potential valuation issues and conflicts of interest. The SEC has been focusing on the impending transition for several years by making it an examination priority, conducting an examination initiative and issuing guidance to registrants. On May 11, 2023, the SEC Division of Examinations issued a risk alert (Risk Alert) that discusses the findings of that examination initiative and the remaining challenges registrants face. This article parses the Risk Alert and related SEC guidance, with commentary from Anne E. Beaumont, partner at Friedman Kaplan Seiler Adelman & Robbins LLP. See our two-part series on preparing for the LIBOR transition: “What the Year‑End Deadline Means for PE Sponsors With Subscription Facilities” (Nov. 9, 2021); and “Remediation Terms Managers Should Incorporate Into Their Existing Subscription Facilities” (Nov. 16, 2021).