The Trump administration has implemented broad staffing reductions across the entire government – including the SEC – and promised a lighter regulatory touch. The rapid changes prompted by Trump’s executive orders and the so-called Department of Government Efficiency have led to considerable uncertainty as to how the SEC will approach and implement those mandates. At PLI’s SEC Speaks 2025 event, officials from the Disclosure Review, Rulemaking, Analytics and Chief Counsel’s Offices of the SEC Division of Investment Management (Division) discussed the current operations of the Division, highlighting the function and importance of their respective offices, as well as recent regulatory activities. The speakers provided their remarks in their official capacities, but the views expressed were not necessarily those of the SEC, its commissioners or other SEC staff members. This article synthesizes the speakers’ insights, focusing on the issues most relevant to private fund managers. See our two-part series on the anniversary of the SEC Division of Examinations: “Creation and Evolution Over the Last 30 Years” (Apr. 10, 2025); and “Present State and Possible Future” (Apr. 24, 2025).