The SEC Office of Compliance Inspections and Examinations (OCIE) recently issued its 2018 National Exam Program Examination Priorities. The priorities, which emphasize the protection of retail investors, are in line with what OCIE announced last year and include cybersecurity; anti-money laundering; market infrastructure; and the operations of FINRA and the Municipal Securities Rulemaking Board. In the press release announcing the 2018 priorities, SEC Chair Jay Clayton commended “OCIE’s dedication to maximizing the effectiveness of their resources with a keen eye toward asset verification, market infrastructure, and duties owed to retail investors.” This article analyzes the list of OCIE priorities, presenting the key points most relevant to private fund advisers. See also our coverage of OCIE’s 2017 Examination Priorities; and 2016 Examination Priorities.