January is when one tends to reflect on the events of the past year and look forward to what may happen in the new year. This reflection should not be limited to individuals’ personal lives – it can also be a useful exercise in a professional context. To that end, the Hedge Fund Law Report spoke to Ranah Esmaili, partner at Sidley Austin LLP and former Assistant Director of the SEC’s Asset Management Unit, about the key SEC actions in 2022 – particularly the flood of SEC rulemaking impacting private funds – and what private fund managers may expect in 2023. This article presents Esmaili’s thoughts on those topics. For additional insights from Esmaili, see “Risk Alert Cites Compliance Issues Regarding Advisers’ Handling of MNPI” (May 19, 2022); “SEC’s Novel “Shadow Trading” Enforcement Action Gains Traction After Denial of Defendant’s Motion to Dismiss” (Mar. 3, 2022); and “NYC Bar Framework for CCO Liability: CCO and Regulator Perspectives (Part Two of Two)” (Jul. 22, 2021).