The start of the new year provides a convenient line of demarcation for evaluating what has occurred in the PE industry, as well as what is expected to take place. Although 2019 was relatively subdued in terms of SEC enforcement efforts, plenty of advancements in PE (e.g., the evolution of sponsor-led secondary transactions) and related industries (e.g., the introduction of The California Consumer Privacy Act of 2018) occupied compliance professionals’ time. To provide an overview of developments in 2019 and things to look forward to in 2020, the Private Equity Law Report interviewed Davis Polk partner Leor Landa about issues of which general counsels (GCs) and chief compliance officers (CCOs) should be aware in the new year. This first article in a two-part series presents Landa’s insights on trends in SEC examinations, regulatory happenings likely to affect the PE industry and compliance practices for sponsors to adopt in 2020. The second article will address relevant fee trends, the role of preferred equity in sponsor-led transactions and the importance of succession planning by PE sponsors. For additional commentary from Landa, see our two-part series “Steps Advisers Can Take to Minimize the Risk that a Routine SEC Examination Ends With a Referral to Enforcement”: Five Key Priorities for OCIE (Jan. 4, 2018); and Examination Process, Interview Preparation and Remediation Considerations (Jan. 18, 2018).