The tenor and tone of the SEC under new Chair Gary Gensler is still taking shape, which has left much of the private funds industry on tenterhooks as to what the future holds. To fill that knowledge gap, industry experts and former SEC staff members are leaning on their past experience to forecast how and on what the SEC will focus in future examinations and enforcement actions. In that vein, Dechert recently hosted a panel to discuss what the private fund industry can expect from the SEC under Gensler. The discussion was moderated by Dechert partner Catherine Botticelli and featured Bruce Karpati, partner and global CCO at KKR; Scott Weisman, managing director and global CCO at Bain Capital; and Guy F. Talarico, founder and CEO of Alaric Compliance. This article highlights the key takeaways and insights from the webinar, including the likelihood of increased compliance enforcement cases under Gensler; the ramifications of the new task force that was formed to focus on environmental, social and governance issues; practical tips for dealing with the SEC; and key areas of focus as to special purpose acquisition companies and cybersecurity. See our two-part series on former SEC staff’s forecasts: “Biden Administration’s Potential Impact on the Agency’s Enforcement Efforts
” (Dec. 1, 2020); and “Aggressive Private Funds Scrutiny to Be a Priority Under the Biden Administration
” (Dec. 8, 2020).