The first six months in office are a helpful benchmarking point to assess the tone, tenor and productivity of a U.S. president’s time in office. That holds true for various U.S. regulators and government agencies as well, as it can provide insights into what to expect for the rest of the president’s term. During the first six months of President Trump’s second stint in office, and under the remit of SEC Chair Paul S. Atkins, the agency’s most pronounced efforts to date have effectively been to walk back many of the efforts – and the overall tone – that occurred under former SEC Chair Gary Gensler. Although that is most notably reflected in Atkins’ decision to explicitly withdraw 14 proposed rules that were issued under Gensler, it is also shown in the Commission’s earnest efforts to improve its relationship with the private funds industry. To help PE sponsors reorient themselves to the SEC’s practices to date under Atkins and anticipate its efforts going forward, the Private Equity Law Report interviewed Simpson Thacher partners Adam S. Aderton and David W. Blass. This article captures their insights on staffing reductions and other operational changes at the Commission; the agency’s push to improve retail access to private markets; its pivot away from rulemaking focused on the private funds industry; its ongoing examination efforts; and the shift in focus in the enforcement matters being pursued. See “What’s Next for the SEC? A Look at the Latest Reg Flex Agenda” (Oct. 3, 2024).