The SEC under Chair Gary Gensler has been engaged in rulemaking at an unprecedented pace, but the industry is pushing back. At the recent Morgan Lewis 2024 Hedge Fund Practices Conference, the firm’s attorneys reviewed the significant new rules affecting private fund advisers and associated examination activity; discussed the status of significant pending rule proposals; and parsed the decision of the U.S. Court of Appeals for the Fifth Circuit invalidating in full the final rules applicable to private fund advisers and its implications for SEC rulemaking, examinations and enforcement activity. This article distills insights from Morgan Lewis partners Craig A. Bitman, Zeke Johnson, Christine M. Lombardo, John J. O’Brien and Christine Ayako Schleppegrell made during the program. See “Private Funds Remain Focus for SEC’s 2024 Exam Priorities” (Jan 4, 2024).