In the last few months, Dalia Blass, Director of the SEC’s Division of Investment Management (Division), has spoken about the impact of the coronavirus pandemic on the SEC and the industry; the Division’s accomplishments thus far in 2020; the regulatory agenda for the remainder of the year, which includes recommendations on proposals on investment adviser advertising and solicitation; and the keys to effective regulation. This article distills the key takeaways for private fund managers from two recent speeches delivered by Blass. For a look at recent speeches by other SEC Commissioners, see “SEC Officials Clarify the Commission’s Stance on ESG Investing and the Role of Disclosure” (Oct. 15, 2020).