Finra has published it's Annual Regulatory and Exam Priorities Letter. (Finra)
Of note is a new focus on business development companies, especially those that are non-traded:
Business Development Companies (BDCs)—BDCs are typically closed-end investment companies. Some BDCs primarily invest in the corporate debt and equity of private companies and may offer attractive yields generated through high credit risk exposures amplified through leverage. As with other high-yield investments, such as floating-rate/leveraged loan funds, private REITs and limited partnerships, investors are exposed to significant market, credit and liquidity risks. In addition, fueled by the availability of low-cost financing, BDCs run the risk of over-leveraging their relatively illiquid portfolios. A noteworthy development in the BDC market has been the increasing issuance of non-traded BDC funds. Due to the illiquid nature of non-traded BDCs, investors’ exit opportunities may be limited only to periodic share repurchases by the BDC at high discounts. (Emphasis added.)
Letters back to 2006 can be found here.