On March 11, 2026, the SEC and the CFTC entered into a Memorandum of Understanding (MOU) with the aim of bringing key enforcement policies and priorities into alignment; adopting consistent legal and financial terminologies; facilitating cooperation; and setting forth protocols for the interagency sharing and handling of nonpublic information. The MOU seeks to curb duplicative, onerous compliance burdens, for the benefit of both the regulators and the market entities that fall under their common jurisdiction – notably, through encouraging joint examination planning, joint examinations and the sharing of findings. The new MOU stands to have a far-reaching impact on enforcement and examinations. But it falls far short of rulemaking, and further clarifications are still needed, particularly around crypto regulation. This article summarizes the MOU, examines those parts likely to have a direct impact on fund managers, considers its timeline for full implementation and offers practical takeaways, with expert legal commentary. For analysis of the 2018 SEC-CFTC MOU, see “The Impact of the New SEC-CFTC Memorandum of Understanding on Fund Managers” (Aug. 9, 2018).