The SEC Division of Examinations (Division) released its 2026 examination priorities (Priorities) – its first under Chair Paul S. Atkins – on November 17, 2025. As with previous annual priorities released by the Division, the Priorities contain a familiar focus on “bread and butter” issues affecting the private funds industry, including the fulfillment of fund managers’ fiduciary duties; the effectiveness of compliance programs; fee and expense allocations; and various types of conflicts of interest. Those are omnipresent concerns that fund managers should be fluent in considering and addressing. The Division’s focus is also evolving under Atkins, however, to address developments that the entire industry is grappling with anew. Some are permutations of ongoing issues, such as new compliance requirements under the amendments to Regulation S‑P within the longstanding cybersecurity risk area. Other areas and issues are comparatively newer, such as practices related to the oversight of rapidly evolving emerging technologies (e.g., artificial intelligence) and the simultaneous management of private funds and retail vehicles. To assist fund managers in using the Priorities to prepare themselves for potential Division examinations in 2026, the Private Equity Law Report interviewed several legal experts on the Priorities’ areas of emphasis. This article summarizes the key takeaways from the Priorities most relevant to private fund managers and the experts’ accompanying insights. See our coverage of the Division’s 2025 Priorities; 2024 Priorities; 2023 Priorities; 2022 Priorities; 2021 Priorities; and 2020 Priorities.