A panel of present and former SEC officials at the Investment Company Institute’s recent Investment Management Conference was moderated by Matt Chambers, GC and CCO at Horizon Investments, LLC. The panel featured Vanessa L. Horton, Associate Regional Director over the Investment Adviser/Investment Company Examination Program and acting Associate Regional Director of the Broker Dealer and Exchange Examination Program at the SEC in Chicago; C. Dabney O’Riordan, Co‑Chief of the Asset Management Unit of the SEC Division of Enforcement (Enforcement); and Anthony S. Kelly, partner at Dechert and former Co‑Chief of the Asset Management Unit. This second article in a two-part series outlines the panel’s thoughts on the potential for more aggressive enforcement activity; the implications of recent enforcement actions involving electronic communications, share class selection and cybersecurity; and Enforcement’s environmental, social and governance task force. The first article covered the key takeaways from the discussion on the present operations of the Division of Examinations and mutual fund oversight. For more from Kelly, see “ESG Considerations for Fund Managers: The U.S. Landscape (Part One of Two)” (Jun. 25, 2020).