Implementing the Dodd-Frank Act, which was enacted on July 21, 2010, involved a steep learning curve for regulators and private fund sponsors alike. Although the SEC had long sought regulatory oversight over private funds, it took time for the regulator to develop the language and expertise to hone its examinations of the private funds industry. Private funds undergoing examinations and enforcement actions also felt reverberations from the Volcker Rule, which forced sponsors to either adjust the products they offered to banks or remove banks from their potential investor pools. In this second article in a two-part series on the tenth anniversary of the Dodd-Frank Act, Arnold & Porter partners Stephen Culhane and David F. Freeman, Jr., describe SEC enforcement efforts and areas of interest; the Volcker Rule’s effect on private funds; and what the Dodd-Frank Act has achieved and changed in the private funds industry. The first article examined what drove the regulatory oversight of private funds imposed by the Dodd-Frank Act; the nature of the new requirements; and how U.S. and non‑U.S. funds responded to the changes. For further insights from Arnold & Porter, see “Practical Tips and Considerations for Preparing PE Impact Investment Fund Offering Documents” (May 28, 2019).