Now that the registration deadline for many private fund advisers to register with the SEC has come and gone, the SEC’s Office of Compliance Inspections and Examinations (OCIE) is ramping up its efforts to prepare for the impending examinations of many newly registered private fund advisers.  In that vein, on May 2, 2012, OCIE Director Carlo V. di Florio addressed the Private Equity International Private Fund Compliance Forum on various topics, including: demographic information regarding the population of advisers that are now registered with the SEC; the SEC’s anticipated multi-phase examination strategy and risk-based examination approach; and the SEC’s expectations for impending examinations of newly registered advisers.  Although di Florio’s remarks were specifically targeted towards private equity fund advisers, they are nonetheless very relevant for all SEC-registered private fund advisers, including hedge fund managers.  This article summarizes the key takeaways from di Florio’s address.