The decision by the U.S. Court of Appeals for the Fifth Circuit striking down the private fund adviser rules (PFAR) – along with ubiquitous predictions of a softer, gentler SEC under Paul S. Atkins – have understandably led many private fund advisers to breathe a sigh of relief. But even without specific and prescriptive rules, private fund advisers’ activities will continue to be scrutinized by today’s SEC and subject to examination and enforcement efforts long after the current administration. As Stephen Cutler, former Director of the SEC’s Division of Enforcement, presciently noted, the “pendulum” of securities law enforcement and reform swings both ways over time. Although struck down and overly prescriptive in many of its particulars, the PFAR largely codified positions and principles the SEC has taken and expressed over the years about the need for proper disclosures to avoid or mitigate conflicts of interest. Thus, the PFAR offers a helpful roadmap for steps to consider and action items to execute, particularly as private fund advisers launch new fund products and prepare to update their Form ADV disclosures for 2025. In a guest article, Finn Dixon & Herling partners Zachary J. Moore and Andrew M. Calamari outline some practical and proactive action items that private fund advisers should consider going forward, based on the requirements in the PFAR, to position themselves effectively for ongoing regulatory scrutiny and to offer best-in-class fund documents and transparency for their investors. See “Potential Areas of Scrutiny in Future SEC Examinations of PE Sponsors” (Jan. 9, 2025).