A recent Seward & Kissel program examined when and how SEC examination staff coordinate with their counterparts in enforcement; explored how advisers can navigate that dynamic; considered the pros and cons of voluntary disclosure, remediation and cooperation; and discussed the lessons from recent SEC enforcement actions. The program featured Seward partners Robert B. Van Grover and Patricia A. Poglinco, along with counsel Philip Moustakis, former Senior Counsel in the SEC Division of Enforcement. This article focuses on the key takeaways from the presentation. For further insights from Seward partners, see “Three Types of SEC Examinations of Fund Managers and What Disclosures to Investors They Trigger (Part Two of Three)” (Apr. 16, 2019); and “Current Scope of PE‑Specific Side Letter Provisions: Co‑Investment Rights, LP Advisory Committee Seats and Parallel Funds/AIVs (Part Two of Three)” (Mar. 26, 2019).