A wave of developments at the SEC, including public speeches in favor of deregulation; guidance on cybersecurity and closed-end funds investing in private funds; and the agency’s invitation of comments on adding private credit reporting to Form PF, are rich with implications for private fund managers. The current zeitgeist heavily favors broadening retail investor access to private funds and encouraging technological innovation in ways scarcely envisioned under prior administrations. At the same time, the agency maintains a firm stance on the need to tailor compliance programs for cybersecurity preparedness and to adopt best practices around artificial intelligence, retailization and private credit. All those points came across in a May 2026 media roundtable held by ACA Group, which featured Patrick Olson, vice chairman; Carlo di Florio, president; Aaron Pinnick, senior manager of thought leadership; Christine Tetherly-Lewis, partner and head of cybersecurity and the risk advisory division; and Nikolay Kojuharov, partner in product developments. This article summarizes key takeaways from their discussion. See “New Guiding Principles and Priorities of the SEC Enforcement Division” (Apr. 9, 2026).