The SEC Division of Examinations (Division) published its 2024 examination priorities (Annual Priorities) in October 2023, ahead of its usual Spring release. At first glance, the Annual Priorities seem to cover many of the typical items addressed in previous priorities – fee and expense allocations, conflicts of interest, etc. There are helpful nuances in the Annual Priorities to each of those topics, however, that highlight new ways the Division is scrutinizing old practices, such as specifically monitoring management fees in a fund’s post-commitment period and the existence of conflicts of interest when private funds are managed side-by-side with registered investment companies. To help fund managers prepare for potential SEC scrutiny in the coming year, the Private Equity Law Report interviewed experts from Davis Polk and Simpson Thacher on the ramifications and context of the practices highlighted in the Annual Priorities. This article summarizes the key takeaways from the Annual Priorities that are most relevant to private fund managers, along with some of the high-level systemic observations offered by the Division’s leadership team as to its ongoing efforts. See our coverage of the Division’s 2023 Priorities, 2022 Priorities, 2021 Priorities, 2020 Priorities, 2019 Priorities, 2018 Priorities; 2017 Priorities; and 2016 Priorities; see also “Tips for Enduring an SEC Examination With the Lightest Possible Ramifications” (Nov. 30, 2023).