There has been no shortage of prognostications in the private funds industry about the likelihood that the SEC will be more aggressive in examining and regulating fund managers under current Chair Gary Gensler than under his predecessor, Jay Clayton. Although that enforcement activity has not yet materialized in an uptick in SEC enforcement actions, fund managers should take advantage of this lag – the proverbial “calm before the storm” – to heed lessons from past Commission enforcement activity and shore up their compliance practices before the regulator’s scrutiny begins in earnest. To aid fund managers with identifying potential problematic areas and in light of the recent Independence Day holiday in the U.S., the Private Equity Law Report is highlighting five articles from its historical archives that cover past SEC enforcement actions on hot-button areas where private fund managers can expect potential scrutiny under Gensler, including self-dealing, improper treatment of service providers’ fees and compliance issues surrounding non-standard performance calculations. Next week (the week starting July 12, 2021), the Private Equity Law Report will resume its normal weekly publication. See “SEC Division of Examinations’ 2021 Priorities Track and Advance 2020 Priorities” (Apr. 27, 2021); and “Steps Advisers Can Take to Minimize the Risk That a Routine SEC Examination Ends With a Referral to Enforcement: Examination Process, Interview Preparation and Remediation Considerations (Part Two of Two)” (Jan. 18, 2018).