Under the administration of President Trump, enforcement priorities at the highest levels of the SEC and its Office of Compliance Inspections and Examinations (OCIE) share many features with priorities under previous administrations, but subtle differences come into play in the important realms of cybersecurity and private equity. See “Top Five Compliance Deficiencies in OCIE Risk Alert Include Annual Compliance Reviews, Accurate Regulatory Filings and Custody Issues” (Feb. 23, 2017). The Commission maintains its hardline stance against failures of disclosure and conflicts of interest, and it continues to pursue former Chair Mary Jo White’s “broken windows” approach. Finally, the recent Supreme Court ruling in Kokesh v. SEC lends new urgency to regulatory investigations and enforcement actions. These points were addressed in a panel discussion at the recent Eleventh Annual Hedge Fund General Counsel and Compliance Officer Summit 2017, hosted by Corporate Counsel and ALM. Moderated by Paul Hastings partner Tram Nguyen, the panel featured Kevin Kelcourse, Associate Director of OCIE; Irshad Karim, counsel and chief compliance officer of Lion Point Capital; and Bruce Karpati, managing director and global chief compliance officer of Kohlberg Kravis Roberts & Co. and former Chief of the SEC’s Asset Management Unit. This article summarizes the key points conveyed by the panelists. For further commentary from Kelcourse, see “Four Pay to Play Traps for Hedge Fund Managers, and How to Avoid Them” (Feb. 5, 2015); and “How Do Regulatory Investigations Affect the Hedge Fund Audit Process, Investor Redemptions, Reporting of Loss Contingencies and Management Representation Letters?” (Jan. 22, 2015).