The SEC was exceptionally active in its oversight of, and enforcement activity directed toward, the private funds industry in 2023. That momentum is only expected to build in 2024 as the regulator continues to examine registrants at pace, propose new rules and maintain its appetite for enforcement actions. Meanwhile, the private funds industry is coming to grips with the final private fund rules and the barrage of requirements they impose, while also keeping an eye on pending litigation that could upend their enactment. To help sponsors steel themselves for the road ahead in 2024, the Private Equity Law Report interviewed Simpson Thacher partners Michael J. Osnato, Jr. and Michael W. Wolitzer about issues to be aware of in the new year. This first article in a two-part series contains their forecast of the nature and focus of SEC examinations, as well as regulatory happenings likely to affect the PE industry. The second article will identify certain trends in fund terms and practices that sponsors can expect to carry into the new year, along with compliance practices sponsors need to prioritize in 2024. See “Tips for Enduring an SEC Examination With the Lightest Possible Ramifications” (Nov. 30, 2023); and “SEC Risk Alert and Accompanying Checklist Explains Examinations Process and Identifies Key Documents to Have Ready” (Nov. 2, 2023).