On December 10, 2014, Norm Champ, outgoing Director of the SEC’s Division of Investment Management (IM), delivered a keynote speech at the ICI 2014 Securities Law Developments Conference.  In his address, Champ discussed the top 10 lessons learned from his work at IM over the past year.  This article summarizes those 10 lessons.  See also “SEC Investment Management Division Director Norm Champ Details Disclosure Challenges Facing Hedge and Alternative Mutual Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 46 (Dec. 11, 2014).