For much of 2021, the SEC has been in transition. New Enforcement staff have been settling into their roles since April of 2021, when Gary Gensler was confirmed and sworn in as Chair of the SEC. Under former Chairman Jay Clayton, private fund advisers benefited indirectly from the SEC’s focus on “Main Street” investors. More of the SEC’s limited resources were devoted to addressing retail fraud, leaving fewer resources available to focus on private funds. The SEC relied more heavily on exams by the Division of Examinations – through deficiency notices and remediation – to address perceived private fund compliance violations.