In May 2022, the U.S. Court of Appeals for the Fifth Circuit held in SEC v. Jarkesy that SEC enforcement proceedings before an administrative law judge were unconstitutional. To preserve a key avenue for its enforcement actions, the SEC petitioned the U.S. Supreme Court to reverse the Fifth Circuit’s decision. The Supreme Court case is underway and oral arguments were recently completed. The line of questioning during the oral arguments potentially offers an indication about what the private funds industry can expect when the Jarkesy ruling is officially issued later in 2024. To update private fund managers on the current status of Jarkesy and to provide insights into how the parties’ arguments have been received, as well as the potential outcomes and impacts of a ruling, the Private Equity Law Report interviewed Schulte Roth partner John P. Nowak. This article contains key takeaways from the conversation. For additional commentary from Nowak, see our three-part series on the SEC’s proposed private fund rules: “Overview of the Proposal and the Importance of Industry Comments” (May 24, 2022); “General Observations” (May 31, 2022); and “Rule-Specific Concerns and Next Steps” (Jun. 7, 2022).