SEC-registered investment advisers are urged to prepare for SEC examinations well in advance of being notified that they are the subjects of those examinations. This was one of the key takeaways from a Hedge Fund Law Report webinar discussing how examiners from the SEC’s Office of Compliance Inspections and Examinations are currently approaching examinations of private fund managers. Moderated by Kara Bingham, Senior Editor at the Hedge Fund Law Report, the program featured Andrew M. Calamari, partner at Finn Dixon & Herling and former Director of the SEC’s New York Regional Office; Patricia A. Poglinco, partner at Seward & Kissel; and Joel A. Wattenbarger, partner at Ropes & Gray. This second article in our two-part series explores the portions of the program that discussed how the SEC approaches the examination of six substantive areas of an adviser’s business, whether the SEC continues to adhere to a “broken windows” approach to enforcement and practical guidance for how fund managers can remain prepared for an SEC exam. The first article highlighted the current SEC examination climate; the types of examinations conducted by the SEC; and the lifecycle of an exam, including practical advice on how advisers can manage the production of documents to SEC examiners. See our two-part series on steps advisers can take to minimize the risk that a routine SEC examination ends with a referral to enforcement: “Five Key Priorities for OCIE” (Jan. 4, 2018); and “Examination Process, Interview Preparation and Remediation Considerations” (Jan. 18, 2018).