As Paul S. Atkins takes the helm at the SEC, the beginning of the Trump administration offers a prime opportunity to benchmark the Commission’s performance by evaluating the tenure of former Chair Gary S. Gensler. With that evaluation in place, it will be easier to mark any shift in tactics and conduct by the Commission as to the private funds industry over the course of Atkins’ tenure. To assist with those efforts, the Private Equity Law Report spoke with several former SEC staff members about Gensler’s efforts in several key areas and asked them to grade those efforts on a five-point scale (poor, below average, average, above average and excellent). The experts supplemented their grades with analysis about positive and negative aspects of Gensler’s performance as to each key area, and offered forecasts about the SEC’s likely approach under the Trump administration. This second article in a two-part series addresses the Commission’s rulemaking efforts; culture and operational proficiency; and relationship with the private funds industry during Gensler’s tenure. The first article considered the efforts of the SEC’s Divisions of Examinations and Enforcement, respectively, as well as the quality of industry guidance (e.g., FAQs, risk alerts, etc.) under Gensler. See our two-part series on Dechert and Mergermarket’s 2024 PE Outlook: “Navigating Fundraising and Regulatory Headwinds” (Jan. 25, 2024); and “Parsing the Ongoing Growth of GP‑Led Transactions and Other Sectors” (Feb. 8, 2024).