SEC Chairman Paul S. Atkins has touted a “back to basics” approach at the SEC, emphasizing the importance of combating fraud and other conduct that causes investor harm over penalizing firms for what some consider technical violations. At the Securities Enforcement Forum West 2026, a panel of industry professionals, most of whom had substantial experience working at the SEC, examined how Atkins’ approach is practically impacting the Commission’s examination and enforcement efforts. The panelists also discussed the agency’s focus on retail investors, concerns around the retailization of private funds, private fund valuation issues and adoption of artificial intelligence. This article synthesizes their remarks. See “Recalibrating Securities Enforcement and Risk: What Fund Managers Should Know About the Shifting Legal Landscape” (Apr. 2, 2026).