The SEC recently published its Spring 2021 “Reg Flex” agendas – the first under new Chair Gary Gensler. The items included on the short-term and long-term agendas indicate the agency’s priorities for the near future. It is no surprise that some of the items on those agendas will impact – directly or indirectly – private fund managers. After all, Gensler has identified the “significant growth in the number of private funds” as a key capital market trend. This article, the second in a two-part series, discusses the key agenda items for private fund managers and the rulemaking process in general, including criticism by Commissioners Hester M. Peirce and Elad L. Roisman of Gensler’s apparent plans to reopen recently completed rules. The first article covered the components of the latest Reg Flex agendas and the key factors driving the items on those agendas. For our coverage of prior Reg Flex agendas, see “Former OCIE Official Discusses SEC’s Latest Reg Flex Agendas” (Sep. 24, 2020); “Key Takeaways for Private Fund Managers From SEC’s Latest Reg Flex Agenda” (Aug. 15, 2019); and “SEC’s Reg Flex Agenda Promotes Transparency While Adding Potential Compliance Burdens” (Mar. 15, 2018).