Early in the Trump administration, some speculated that the private funds industry would experience an era of lighter regulation and less enforcement. Nearly two years in, however, the SEC is examining significantly more advisers than in the recent past. A recent Hedge Fund Law Report webinar, moderated by Kara Bingham, Senior Editor at the Hedge Fund Law Report, and featuring Andrew M. Calamari, partner at Finn Dixon & Herling and former Director of the SEC’s New York Regional Office; Patricia A. Poglinco, partner at Seward & Kissel; and Joel A. Wattenbarger, partner at Ropes & Gray, explored these points and the current examination environment. This first article in our two-part series analyzes the portions of the program that explored the current SEC examination climate; the types of examinations conducted by the SEC; and the lifecycle of an exam, including practical advice on how advisers can manage the production of documents to SEC examiners. The second article will explore how the SEC approaches the examination of six substantive areas of an adviser’s business, whether the SEC continues to adhere to a “broken windows” approach to enforcement and practical guidance for how fund managers can remain prepared for an SEC exam. See also our two-part series on the examination process: “What Hedge Fund Managers Need to Know About Getting Through an SEC Examination” (Jun. 16, 2016); and “Fees, Conflicts, Investment Allocations and Other Hot Topics Hedge Fund Managers Should Expect During an SEC Examination” (Jun. 30, 2016).