The SEC's Division of Examinations published a new handbook on Oct. 1, 2026, replacing the previous examination brochure with a document that maps every stage of an exam, from the risk assessment process through to the disposition letter.

The handbook, titled "The SEC Exam Handbook: A Practical Guide on Process and Engagement," is available on the SEC's website. It lays out the process division examiners use across the country, with the stated aim of ensuring consistency from exam to exam. It also includes several avenues for registrants to provide feedback or ask questions, plus practical tips and resources for preparing for an exam and staying current on compliance obligations.

For compliance and legal desks at broker-dealers, investment advisers and other registrants, the document functions as a roadmap of what to expect when an examination letter arrives. The division frames examinations as tools to improve industry practices and compliance, monitor risk, and prevent fraud, in addition to supporting the SEC's broader mission.

SEC Chairman Paul S. Atkins framed the release in terms of transparency and effectiveness. "The Division of Examinations is a crucial part of how the SEC provides market oversight and protects investors. The Division's new handbook clarifies the examination process, offering regulated entities greater insight into what to expect during an exam and establishing clear expectations," Atkins said. "The transparency this handbook provides 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."

Keith Cassidy, Director of the Division of Examinations, tied the handbook to the division's stated goal of accessibility. "The division's goal to be more accessible provides registrants and the Commission with a more efficient and effective examination program," Cassidy said. "By answering the call from registrants to provide more clarity to the exam process, we aim to make the process more consistent and predictable for everyone involved."

What the handbook is not: a rule change. It imposes no new obligations on registrants and carries no compliance deadlines. It is guidance on process and engagement — a description of how exams run, not a mandate. Firms should read it accordingly, as a planning document for exam preparation and staff training rather than a source of new requirements.

The release follows sustained registrant demand for clarity on exam mechanics, according to Cassidy's statement. The prior brochure covered the same ground in less detail; the handbook expands on it with stage-by-stage coverage and feedback channels.

Registrants can expect the division to use the handbook as its own consistency benchmark — the document states it exists to help ensure examiners nationwide follow the same process. Firms with multi-office structures may find it useful for standardizing internal exam-readiness procedures across locations.

The handbook was last reviewed or updated on Oct. 1, 2026, its publication date. Whether the division updates it on a fixed cycle remains unstated; firms should monitor the SEC website for revisions, particularly as exam priorities shift with the division's annual risk alerts and examination priorities publications.