Despite the challenges posed by the coronavirus pandemic, the SEC had a very active and productive 2020, issuing proposed and final rules; publishing guidance and risk alerts; and continuing robust examination and enforcement efforts, according to the speakers at ACA Compliance Group’s (ACA) annual “Compliance Year in Review.” Carlo di Florio, ACA partner and global chief services officer, led the discussion, which featured ACA directors Michael Abbriano and Michelina Cuccia, along with senior principal consultant Ian Rivera. This two-part series distills the key observations from the program. This first article delves into the unique challenges posed by the coronavirus pandemic and explores the SEC’s issuance of proposed and final rules, guidance and risk alerts that affect private fund managers. The second article will cover examination trends, priorities and initiatives, as well as notable enforcement activity. For coverage of ACA’s 2019 review see “ACA Program Reviews 2019’s Key Compliance Trends and Issues” (Jan. 9, 2020).