In 2025, hedge fund managers were faced with a new federal administration and new SEC Chair Paul S. Atkins. The effects of those changes in leadership are still being felt and may accelerate in 2026. To that end, the Hedge Fund Law Report spoke with Simpson Thacher partners Adam S. Aderton and Anne C. Choe about the key legal and compliance developments in 2025, what hedge fund managers may expect from the SEC in 2026 and what CCOs should focus on to prepare for the new year. This article presents their thoughts on those topics. For additional commentary from Aderton, see “SEC Penalizes Fund Administrator for Missing Red Flags” (Jul. 18, 2024); and “Recent SEC ESG Rulemaking, Examination and Enforcement Activity” (Mar. 30, 2023).