The SEC is dealing with the effects of a prolonged hiring freeze and staff attrition, while being asked to oversee a growing and ever-more-complex securities market, according to the SEC’s Office of Inspector General (OIG). In its annual report, the OIG discussed challenges faced by the SEC in four key areas: meeting its regulatory oversight responsibilities; protecting systems and data; improving contract management; and ensuring effective human capital management. This article summarizes the report’s relevant findings and includes commentary from attorneys on the practical effect of the report’s findings on the SEC’s enforcement and examination efforts. For examples of recent SEC enforcement actions, see “SEC Fines PE Sponsor, CEO and CFO for Improper Principal Transactions and Expense Allocations” (Jun. 11, 2019); and “SEC Fines PE Fund Manager for Failing to Equitably Allocate Fees and Expenses to Its Affiliate Funds and Co‑Investors” (Mar. 26, 2019).