Although predominantly a military spending bill, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 includes consequential changes to the SEC’s power to recover disgorgement of ill-gotten gains for securities violations. Fund managers should be aware of those changes and the questions that courts will need to answer about them in coming years. In a guest article, Vinson & Elkins attorneys Palmina Fava, Cliff Thau, Marisa Antonelli and David Hoffman provide concrete steps managers can take in anticipation of this sea change in SEC enforcement. See “Recent Amendments to the Securities Exchange Act Pose New Risks for Private Fund Managers” (Feb. 25, 2021).