The SEC released its Fall 2022 Regulatory Flexibility (Reg Flex) agenda on January 4, 2023, setting out the Agency’s short-term and long-term regulatory plans. SEC Chair Gary Gensler supports the agenda as a path to modernizing the Commission’s ruleset, describing it as “moving deliberately to update our rules in light of ever-changing technologies and business models in the securities markets.” Given that many new rule proposals are planned for April 2023, along with the finalization of various existing proposals, resourcing is likely to be a challenge for fund managers and their advisers – as well as the SEC – as the industry endeavors to implement required changes and sensibly comment on proposals issued by the Commission. This article provides an overview of the short- and long-term Reg Flex agendas; highlights key items for private fund managers; and identifies specific issues to watch based on interviews the Private Equity Law Report conducted with several experts in the private funds industry. For coverage of previous Reg Flex agendas, see “The SEC’s 2022 Reg Flex Agendas: Major Proposals and Ambitious Timelines” (Aug. 23, 2022); and our two-part series on the 2021 Reg Flex agendas: “Key Components and Driving Factors” (Sep. 21, 2021); and “Key Items for Private Funds and the Rulemaking Process” (Sep. 28, 2021).