In its quest to increase scrutiny of hedge fund managers and investment advisers, the SEC is looking to review a larger percentage of investment advisers, examining a broader universe of topics and gathering ever-larger quantities of data. At a recent program at the Practising Law Institute’s 2016 Investment Management Institute, panelists offered substantive information about the SEC’s examination processes and practices, including data analysis and the possibility that it will rely on third-party examiners. Panelists also addressed SEC concerns with fund liquidity and chief compliance officer liability. Moderated by Paul F. Roye, a former Director of the SEC Division of Investment Management and currently a director of Capital Research and Management Company, the panel featured Joseph P. DiMaria, Assistant Regional Director in the SEC New York Regional Office’s investment adviser / investment company examination program; Maria Gattuso, a principal at Deloitte & Touche; and Philip L. Kirstein, independent compliance officer and senior officer at AllianceBernstein. This article summarizes the key insights promulgated by the panel. For more on SEC investigations, see “Recommended Actions for Hedge Fund Managers in Light of SEC Enforcement Trends” (Oct. 22, 2015); and our two-part series on “The SEC’s Broken Windows Approach”: “Conflicts of Interest and Expense Allocation Concerns” (Sep. 24, 2015); and “Compliance Resources, CCO Liability and Technology Concerns” (Oct. 1, 2015).