The Practising Law Institute’s 2016 Investment Management Institute began with a keynote address by David Grim, the current Director of the SEC Division of Investment Management, followed by a panel discussion with two former Directors of that Division: Barry P. Barbash, now a partner at Willkie, and Paul F. Roye, currently a director of Capital Research and Management Company. Grim’s address focused on four important topics that had been discussed at the SEC program commemorating the 75th anniversary of the Investment Company Act and the Investment Advisers Act: exchange-traded funds; private fund advisers; disclosure and reporting; and the role of a fund’s board in oversight. The panel then focused on recent SEC rulemaking initiatives that affect mutual funds. This article encapsulates the key takeaways from their discussions. For more on exchange-traded funds, see “SEC Commissioner Calls for Increased Transparency and Accountability in Capital Markets” (Mar. 3, 2016).