As the SEC increases investigations and enforcement of hedge fund managers and other registered investment advisers to private funds, it is honing its focus on certain topics. Subject to requests for increasing amounts of information and scrutiny in particular areas, managers must know what to expect from and how to respond to SEC examinations. To help prepare hedge fund managers for an SEC examination, Brian T. Davis and Dimitri G. Mastrocola, partners at international recruiting firm Major, Lindsey & Africa, hosted a panel discussion featuring Ropes & Gray partners Eva Carman, Sarah Davidoff and Joel Wattenbarger. The first article in this two-part series summarized the panel’s insights on effectively navigating the SEC examination process. This second article addresses key areas of SEC focus, including requests for email; conflicts of interest; allocation of fees, expenses and investment opportunities; valuation; cybersecurity; broker-dealer registration; and attorney-client privilege. For additional insight from Carman, see “Ropes & Gray Hosts Teleconference on SEC Enforcement Actions Against Investment Managers, Potential Regulatory Changes in Response to Madoff and Private Plaintiff Claims Against Investment Managers” (Feb. 12, 2009). For further commentary from Wattenbarger, see “Proposed Volcker Rule and the Effect on Private Fund Sponsors and Investors” (Oct. 27, 2011); and “How Will the SEC’s Pay to Play Rule Impact Mergers and Acquisitions of Hedge Fund Management Companies?” (Aug. 6, 2010).