The 2022 Examination Priorities for the US Securities and Exchange Commission’s Division of Examinations place continued emphasis on resilient compliance programs that are flexible enough to adjust to known variables and capable of adjusting to new issues. We expect that conflicts of interest and disclosure will again be an enforcement focus, while sweeps, investigations, and initiatives in areas such as environmental, social, and governance (ESG); robo-advisory services; cybersecurity; and best execution will likely lead to enforcement actions. Couple these trends with an aggressive rulemaking agenda, and the next several months promise to be full of developments for investment advisers.