A panel of current and former regulators at PLI’s recent Hedge and Private Fund Enforcement & Regulatory Developments 2015 event offered perspectives on the SEC’s focus on issues relating to conflicts of interest, valuation and fees and expenses in the private funds space; implications of the seminal Second Circuit insider trading decision in U.S. v. Newman; the DOJ’s focus on prosecution of individuals; enforcement efforts of the New York State Attorney General; and the role of whistleblowers in enforcement. The program, entitled “Current Hedge and Private Fund Enforcement Priorities – The Enforcers’ Perspective,” was moderated by Gibson Dunn partner Barry R. Goldsmith and featured Julie M. Riewe, Co-Chief of the Asset Management Unit of the SEC Division of Enforcement; Maria E. Douvas, a former federal prosecutor and a partner at Paul Hastings; Katherine R. Goldstein, an Assistant United States Attorney for the Southern District of New York and Chief of its Securities and Commodities Fraud Task Force; and Chad Johnson, Chief of the Investor Protection Unit of the New York State Attorney General. This article summarizes the key takeaways from the presentation. For additional insight from Riewe, see “SEC Settlement Highlights Circumstances in Which Hedge Fund Managers Must Disclose Conflicts of Interest” (Apr. 23, 2015); and “Conflicts Remain an Overarching Concern for the SEC’s Asset Management Unit” (Mar. 12, 2015). For coverage of similar discussions from PLI’s 2014 event, see “Regulators from the SEC, CFTC and New York Attorney General’s Office Reveal Top Hedge Fund Enforcement Priorities”: Part One of Four (Dec. 4, 2014); and Part Two of Four (Dec. 18, 2014).