Although every new administration brings a degree of change, developments at the SEC have been swift and significant following the end of Chair Gary Gensler’s tenure. Chair Paul S. Atkins has indicated that he intends to move away from “ad hoc enforcement” and toward a steadier, more principles-based approach that focuses on the SEC’s core mission. Ultimately, the new SEC will focus on what Atkins refers to as “back to basics” enforcement, which, for the private funds industry, means a focus on cases involving actual harm to investors, among other things. To explore how leadership changes and new policy directions are reshaping the efforts of the SEC’s Division of Enforcement, as well as the implications for those navigating the evolving regulatory environment, Gibson Dunn hosted a webinar, entitled “The New SEC: New Director and Enforcement.” The panel was moderated by Gibson Dunn partner David Woodcock and featured his partners Jina L. Choi, Osman Nawaz, Tina Samanta and Mark K. Schonfeld. This article offers relevant takeaways from the webinar for private fund managers. For previous insights from Choi, see “Court Fines Former Apollo Partner $240K for Misallocating Personal Expenses; Places ‘Significant Blame’ on Firm’s Internal Practices” (Jan. 19, 2021); and from Schonfeld, see “Conflicts From Managing Multiple Funds and Other Current Challenges to Effective Compliance at PE Funds” (Nov. 30, 2021).