Insider trading is perennial focus of both the SEC’s examination and enforcement staff. A recent panel at Seward & Kissel's Seventh Annual Private Funds Forum examined the current regulatory and enforcement environment around insider trading. Seward & Kissel partner Patricia A. Poglinco moderated the discussion, which featured partners Paul M. Miller and Jack Yoskowitz, as well as counsel Philip Moustakis. This article, the first in a two-part series, sets forth the panelists’ thoughts on the various ways that the SEC obtains information about potential insider trading; SEC requests for information about trading issues; and recent enforcement activity and litigation. The second article will address the panelists’ observations on recent examination focus on insider trading policies and procedures; the development of appropriate policies and procedures for handling material nonpublic information; trade surveillance and monitoring; use of alternative data; and the prospects for enforcement activity under Chair Gary Gensler. See “Advisers Must Have Strong Insider Trading Controls or Risk SEC Sanctions” (Apr. 2, 2020).