At the recent Securities Enforcement Forum 2019, a panel that included several present and former SEC attorneys discussed the SEC’s focus on retail investors; its use of big data and the consolidated audit trail; its continued focus on valuation and conflicts of interest; other issues that arise in examinations, enforcement proceedings and settlements; Regulation Best Interest; oversight of self-regulatory organizations; and the Share Class Selection Disclosure Initiative. Elizabeth P. Gray, partner at Willkie Farr & Gallagher, former Assistant Director of the SEC Division of Enforcement (Enforcement) and former Counsel to former Chair Arthur Levitt, moderated the discussion, which featured Adam S. Aderton, Co‑Chief of the Asset Management Unit of Enforcement; Michael Liftik, partner at Quinn Emanuel Urquhart & Sullivan and former SEC Deputy Chief of Staff; and Kurt Wolfe, associate attorney at Troutman Sanders. This article summarizes the key takeaways from the discussion, with additional relevant insights from the program’s keynote discussion with SEC Chair Jay Clayton. For additional commentary from Clayton, see “SEC Chair Defends Regulation Best Interest and Investment Adviser Fiduciary Duty” (Sep. 19, 2019); and “SEC Chair Offers Observations on Culture at Fund Managers and the SEC” (Jun. 28, 2018).