Stacey Song recently rejoined Fried Frank’s corporate department as a partner. Based in the firm’s New York office, she will focus on investment advisers, private funds and broker-dealers. Song previously served as a Senior Counsel in the Private Funds Branch of the Division of Investment Management at the SEC where she was the primary expert on legal matters relating to private funds and provided interpretive guidance to other divisions and offices within the SEC, as well as to various industry participants. In connection with her return to Fried Frank, the Hedge Fund Law Report recently interviewed Song about several topics important to private fund managers. This article provides Song’s thoughts on the perspective she gained on the private funds industry and the SEC; collaboration between the industry and Commission staff; and the current regulatory landscape. For additional insight from Fried Frank attorneys, see “Six Common Misconceptions U.S. Fund Managers Have About Marketing in Europe” (Mar. 9, 2017); and “How Does the Amended Custody Rule Change the Balance of Power Between Hedge Fund Managers and Accountants?” (Jan. 27, 2010).