A recent AIMA program delved into the history and structure of the SEC; the behind-the-scenes interactions of its Divisions; the operations of its Divisions of Enforcement, Investment Management and Examinations; and the ways that the SEC interacts with the investment management industry. Terrance J. O’Malley, principal at consulting and market intelligence firm TJO Management, moderated the discussion, which featured Michael C. Neus, Private Funds Attorney Fellow at the SEC; C. Dabney O’Riordan, Co‑Chief of the Asset Management Unit of the SEC Division of Enforcement; and John H. Walsh, partner at Eversheds Sutherland and former Interim Director of the SEC Division of Examinations. This article distills their insights. See “The SEC Under the Biden Administration: Ten Areas to Watch” (Jan. 21, 2021).