SEC examiners begin many routine examinations of private fund managers with lengthy calls with the adviser’s CCO. In part designed to help the SEC obtain the greatest return on the investment of its limited resources, those calls provide SEC examiners with an opportunity to learn more about the relevant adviser’s business and compliance program earlier in the exam process. This two-part series examines the format and substance of those initial calls and provides guidance on how CCOs can prepare for those interactions with the examiners. The first article discusses the ways in which the SEC initiates the examination process and provides insight into the form and substance of those introductory calls between the examiners and the CCO, including who participates in them on behalf of the SEC and the adviser. The second article examines how the SEC is using those calls to meet multiple objectives; outlines the topics that are generally discussed during them; and explores how a CCO can prepare accordingly, including what documents and information he or she should review in advance and what materials should be on hand during those calls. See “Present and Former SEC Officials Discuss Examinations” (Jun. 2, 2022).