The SEC regards required registration and reporting under the Dodd-Frank Act as critical for increasing transparency and protecting investors in hedge funds and other private funds.  However, as SEC Chair Mary Jo White recently noted at the Managed Funds Association Outlook 2015 Conference held in New York, the SEC is entering “a new phase of oversight.”  In her remarks, White discussed what the SEC has learned – and will continue to focus on – regarding the risk profiles of private funds.  White also enumerated risks and challenges for private funds and their advisers that can have a systemic impact, as well as firm-specific risks that hedge fund managers and other advisers should actively consider in their businesses.  This article summarizes White’s remarks.  For additional insight from White, see “SEC Chair White Describes the SEC’s Game Plan with Respect to the Asset Management Industry,” Hedge Fund Law Report, Vol. 7, No. 47 (Dec. 18, 2014); “Seven Cybersecurity Risks That SEC Examiners Will Look For in Examinations of Hedge Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 17 (May 2, 2014); and “Top SEC Officials Discuss Hedge Fund Compliance, Examination and Enforcement Priorities at 2014 Compliance Outreach Program National Seminar (Part One of Three),” Hedge Fund Law Report, Vol. 7, No. 7 (Feb. 21, 2014).