Leadership transitions at regulatory agencies are inevitable following a change in presidential administration. Through Paul S. Atkins’ tenure as SEC chairman, however, such turnovers have brought about wholesale reversals of enforcement approaches, policies and focus areas. The result is a Commission that operates quite differently than under previous administrations, with enforcement priorities that have evolved with the new challenges facing the private markets. Those topics were addressed at the White Collar Crime Conference presented by the New York City Bar Association by blue-ribbon panels of former enforcement directors from the SEC Division of Enforcement and the CFTC Division of Enforcement. Among the discussion topics relevant to closed-end private fund managers were the impact of staffing cuts, the SEC’s “back to basics” enforcement priorities, attempts to stop so-called “regulation by enforcement,” the impact of two 2024 U.S. Supreme Court decisions and revisions to the SEC enforcement manual. This article synthesizes their observations on those relevant topics. See “SEC Enforcement FY2026 in Review: Comprehensive Statistical Analysis Highlights Trends and Focus Areas” (Oct. 29, 2026).