The SEC and CFTC will soon have new Chairs and Directors of Enforcement, who will put their own imprints on the agencies while continuing to advance their core missions. A recent seminar hosted by Brian T. Davis and Dimitri G. Mastrocola, partners at recruiting firm Major, Lindsey & Africa, examined the current enforcement landscape and discussed the agencies’ likely enforcement priorities in the coming years. The program featured Sullivan & Cromwell partners Steven Peikin, former Co‑Director of the SEC Division of Enforcement; and James McDonald, former CFTC Director of Enforcement. This article distills the key takeaways from the presentation. See our recent two-part interview with Peikin: “New Position and Experience at the SEC” (Jan. 14, 2021); and “Enforcement’s Annual Report and SEC Developments” (Jan. 21, 2021). See also our recent two-part interview with McDonald: “New Role and CFTC Experience” (Feb. 18, 2021); and “Whistleblowers, Trends, the New Administration and the Pandemic” (Feb. 25, 2021).