On June 2, 2026, the SEC published its Draft Strategic Plan (the “Plan”) for fiscal years 2026 through 2030 and requested public comment by July 2, 2026. This Plan outlines SEC Chair Paul Atkins’ stated objective of returning the SEC to its core statutory mission: protecting investors, maintaining fair, orderly, and efficient markets and facilitating capital formation.
Background
The Plan identifies three primary goals for the agency over the next four years.
First, the SEC states that it will renew its regulatory policy focus to support innovation, capital formation, market efficiency, and investor protection. The Plan emphasizes “clear, fit-for-purpose rules,” modernization of disclosure practices, expanded access to private markets, and new capital-raising pathways. The SEC also identifies digital assets and distributed ledger technologies as a priority area, stating that the agency intends to provide a clearer regulatory foundation for those markets.
Second, the SEC states that it will shift its regulatory practices to increase stakeholder engagement, facilitate compliance, and return its enforcement approach to what the plan describes as Congress’ original intent. The plan emphasizes open dialogue with businesses, investors, and industry groups, as well as practical guidance designed to reduce uncertainty.
Most notably for registered investment advisers, the Plan states that enforcement should focus on clear violations of established law, particularly fraud, deception and market manipulation, rather than expanding regulatory reach through ad hoc enforcement actions. The Plan also states that success should be measured not by the number of cases or fines, but by their deterrent effect and the clarity provided to the marketplace.
Third, the SEC states that it will optimize operational efficiency by enhancing its organizational structure, modernizing technology, and improving internal accountability. The Plan specifically references a comprehensive review of legacy systems such as EDGAR, greater use of secure and scalable infrastructure, and the responsible use of artificial intelligence to improve oversight and reduce manual workloads.
The Plan also calls for retrospective reviews of existing rules, including rules related to quarterly and private fund reporting.
Salus GRC Takeaways
- The Plan signals a shift toward clearer rulemaking, greater stakeholder engagement, and an enforcement approach focused on fraud and well-established legal violations, rather than expanding regulatory theories.
- Investment advisers should continue prioritizing core compliance risks, including conflicts of interest, fees and expenses, valuation, disclosures, custody, marketing practices and MNPI controls, as the Plan does not suggest a reduced emphasis on compliance infrastructure.
- The SEC’s focus on reviewing existing private fund reporting requirements and modernizing technology, including the responsible use of AI, indicates that private fund reporting obligations, data-driven examinations and surveillance capabilities will remain important areas of regulatory attention.
- Firms should closely monitor future rulemaking, examination priorities and enforcement activity to assess whether they align with the policy themes and regulatory direction outlined in the Plan.