When the SEC Division of Examinations (Division) was created 30 years ago, its mission was to serve as a compliance-type function within the regulator. The fallout from the Madoff and Stanford scandals – including criticism of the SEC’s perceived oversight failures – and the passing of the Dodd-Frank Act empowered the agency to further embrace technology and data analytics; migrate to a more specialized staff with expertise in particular types of investment advisers and funds; launch the Private Funds Unit; and be more transparent by releasing risk alerts and the Division’s annual exam priorities. This second article in our two-part series, which is based on interviews with former Division staff members, looks at the present state of the Division and speculates on what the future might hold for it. The first article discussed the Division’s creation and examined its evolution over the years. See “Present and Former SEC Officials Discuss Commission Oversight of Private Funds” (Apr. 29, 2021).