The current SEC leadership has publicly endorsed innovation in the private funds market and a more expansive use of protocols, such as the Wells process, designed to promote transparency and guarantee due process to potential respondents in enforcement actions. Yet any claims that the SEC has “stood down” during a deregulatory zeitgeist, or shirked its core mission of ensuring stability and integrity in the markets and protecting investors, are wide of the mark, claimed the speakers in the Division of Investment Management (Division) panel of the SEC Speaks in 2026 conference held March 19‑20, 2026. The panel was moderated by Division Director Brian Daly and featured former Commissioner Daniel M. Gallagher; Robert McDavid Holowka, assistant director in the Investment Adviser Regulation Office; Rachel Loko, senior counsel in the office of the Division’s chief counsel; and Christian Sandoe, assistant director in the Division’s Disclosure Review and Accounting Office. This article presents key takeaways from the discussion. For a recap of a panel at the 2025 SEC Speaks conference, see “Division of Investment Management Staff Discuss Staffing, Operations, Rulemaking and Other Developments” (Jul. 31, 2025).