The SEC has been emphasizing its efforts to provide more transparency in its regulatory expectations and processes to help registrants comply with their obligations. To that end, the SEC’s recent Compliance Outreach Program included a panel featuring representatives from various teams within the SEC that examined hot regulatory topics relating to private fund managers. Moderated by Jennifer A. Duggins, Assistant Director and Co‑Head of the Private Funds Unit (PFU) in the SEC’s Division of Examinations (Examinations), the panel featured Shane Cox, Regulatory Counsel, PFU; and Michael C. Neus, chief administrative officer, Brevan Howard US Investment Management LP. This first article in a two-part series identifies specific areas of focus for Examinations and the SEC’s Division of Enforcement under Rule 206(4)‑1 of the Investment Advisers Act of 1940, known as the Marketing Rule. The second article will detail problematic practices of private credit funds relating to insider trading and valuations, as well as omnipresent SEC concerns about conflicts arising as to disclosures about, and allocations of, fees and expenses. See “SEC Risk Alert and Accompanying Checklist Explains Examinations Process and Identifies Key Documents to Have Ready” (Nov. 2, 2023).