In June 2017, Steven Peikin joined the SEC as Co‑Director of the Division of Enforcement (Division or Enforcement). Under the leadership of Peikin and Co‑Director Stephanie Avakian, the Division increased its efficiency and effectiveness in investigating and prosecuting securities violations. In November 2020, Peikin rejoined Sullivan & Cromwell as head of the firm’s securities and commodities investigation and enforcement practice in New York. The Hedge Fund Law Report recently spoke to Peikin in connection with his move. In this second article in our two‑part series, Peikin discusses the Division’s annual report, the whistleblower program, self-reporting, Enforcement’s use of technology, CCO liability, private funds and the pandemic. The first article set forth Peikin’s thoughts about his new position, his experience at the SEC and the relationship between Enforcement and the SEC’s Division of Examinations – formerly the Office of Compliance Inspections and Examinations, or OCIE. For commentary from another Sullivan & Cromwell partner, see “Attorney-Consultant Privilege? Key Considerations for Fund Managers When Utilizing, Invoking and Waiving the Kovel Privilege for Consultants (Part One of Three)” (Oct. 20, 2016).