As SEC Chair Paul S. Atkins and other top agency officials publicly voice their approval of broadening retail investor access to private funds, and their disapproval of regulation by enforcement, a perception has taken hold that the highly aggressive stance that characterized Gary Gensler’s SEC is a fading vestige of a past era. Some even question the need for close engagement with counsel possessing expertise in the regulatory and enforcement arena – especially as staff reductions at the SEC pare down the resources available for examinations, investigations and litigation. But that sense is mistaken, legal experts assert. Despite the possible expansion of retail access to private funds and staff departures, the SEC retains its core areas of focus. Fund managers that fall afoul of high standards with regard to internal policies and procedures; regular reviews of those procedures; the “best interest” standard enshrined in Regulation BI; disclosures; and artificial intelligence, among other areas, can expect to find themselves under scrutiny. Those points were discussed in a session of the Morgan Lewis 2025 Hedge Fund Conference, entitled “Regulatory and Examination Priorities for Private Fund Advisers.” The panelists were Morgan Lewis partners Christine M. Lombardo, Christine Ayako Schleppegrell and John J. O’Brien. This article summarizes key takeaways from their discussion. See our two-part series on the anniversary of the SEC’s Examinations Division: “Its Creation and Evolution Over the Last 30 Years” (Apr. 10, 2025); and “Its Present State and Possible Future” (Apr. 24, 2025).