Although the new Trump administration is widely expected to favor business interests and ease regulatory burdens, the SEC is sure to continue its work rooting out misconduct in the financial markets. At this year’s Securities Enforcement Forum New York, a panel of present and former SEC attorneys discussed the critical stages of an investigation by the SEC Division of Enforcement. They offered guidance on preparing for initial contact with SEC staff; avoiding friction during the course of an investigation; preparing for interviews and on-the-record testimony; obtaining reverse proffers by the SEC; and managing the Wells process, negotiations and settlements. This article distills the key takeaways from the program. See “SEC and CFTC 2024 Enforcement Results: Record-High Financial Remedies Across Fewer Actions” (Jan. 30, 2025); and “Speeches Outline the Ethos, Direction and Priorities of the SEC’s Division of Enforcement Under Gurbir Grewal” (Jan. 13, 2022).