Since enactment of the Dodd-Frank Act, the SEC has been shining a bright light on newly registered investment advisers, particularly through its presence exam initiative.  See “A Roadmap and Recommendations for Hedge Fund Managers Facing Presence Examinations,” Hedge Fund Law Report, Vol. 6, No. 30 (Aug. 1, 2013).  Private fund managers need to be prepared to respond appropriately and effectively when the SEC comes calling, whether through a routine examination or a formal investigation.  In that regard, a recent program highlighted the areas on which the SEC has focused in its presence exam initiative, the mechanics of an SEC investigation and how admissions of liability may affect the availability of insurance coverage.  The speakers included Mary O’Connor, Global Head of the Financial Institutions Group at Willis Group Holdings; Richard Magrann-Wells, Senior Vice President at Willis; Christopher Lombardy, partner at Kinetic Partners US LLP; Robert J. Herm, Vice President at Axis Insurance; Gary Stein, partner at Schulte Roth & Zabel LLP; and Theodore A. Keyes, special counsel at Schulte.  This article provides a long-form recitation of the material points made during the program.