An expert panel at the Practising Law Institute’s recent program on PE and hedge fund enforcement and regulatory developments explored hot issues in the regulatory oversight of private funds, the agency's focus on off-platform communications, potential implications of the SEC’s flurry of proposed rules and the Commission’s cooperation standards during an examination. The panel was moderated by Gibson Dunn partner Barry R. Goldsmith and featured Morgan Lewis partner Kelly L. Gibson; King & Spalding partner M. Alexander Koch; Simpson Thacher partner Michael J. Osnato, Jr.; and WilmerHale partner Susan Schroeder. This article summarizes relevant takeaways for PE sponsors from the discussion. See “SEC Action and Commissioner Peirce’s Statement Shed Light on CCO Liability” (Oct. 4, 2022); and “SEC Risk Alert Reflects Growing Concerns About and Focus on Private Funds” (Mar. 8, 2022).