The SEC Division of Examinations (Division) recently released its examination priorities for the SEC’s 2023 fiscal year (Priorities). At the head of this year’s list are four top-of-mind concerns for private fund advisers, including compliance with the new marketing rule, risks associated with private funds, fiduciary duties and use of environmental, social and governance criteria in investing. Protection of retail investors also remains a recurring theme. The Priorities include a joint message from Division leadership, which discusses the Division’s activities in the SEC’s 2022 fiscal year and the four-pillar “lodestar” of its mission: promoting compliance, preventing fraud, monitoring risk and informing policy. This article, the first in a two-part series, summarizes the elements of the Priorities of particular interest to private fund managers. The second article will discuss the creation and use of the Priorities and provide key takeaways for private fund managers from former Division officials. See “Key Compliance Issues for Advisers and Funds Arising From the SEC’s 2022 Exam Priorities (Part One of Two)” (Jan. 19, 2023).