At a recent event, Gurbir Grewal, Director of the SEC’s Enforcement Division (Enforcement), made remarks about Enforcement’s role in restoring the public’s faith in the financial markets and financial institutions. Among other things, Grewal noted the importance of crafting appropriate remedies for securities violations, including requiring admissions by violators settling enforcement actions. Grewal’s statements regarding admissions have raised concerns because the SEC’s practice has generally been not to require parties settling enforcement actions to admit wrongdoing. The Private Equity Law Report spoke to H. Gregory Baker, partner at Patterson Belknap and former Enforcement attorney, about this change in policy; the possible implications for the SEC and for the entities and individuals regulated by it; and Grewal’s comments on changes to the Wells process. See “Recent Speeches Outline the Ethos, Direction and Priorities of the SEC’s Division of Enforcement Under Gurbir Grewal” (Nov. 16, 2021).