The Asset Management Unit (AMU) of the SEC’s Enforcement Division views conflicts of interest as its “overarching concern.”  In a recent speech, Julie M. Riewe, Co-Chief of the AMU, discussed the AMU’s collaboration with other SEC divisions; detailed the AMU’s 2015 enforcement priorities with respect to registered investment companies, hedge funds, private equity funds and separately managed accounts; and discussed the AMU’s focus on conflicts – their ubiquity, the difficulty or impossibility of eliminating them, the limited extent to which disclosure can cure conflicts, the salience of conflicts when an investment adviser and broker-dealer are affiliated, and related considerations.  This article summarizes Riewe’s main points.  See also “SEC Investment Management Division Director Norm Champ Identifies the Top 10 Regulatory and Enforcement Lessons Learned during 2014,” Hedge Fund Law Report, Vol. 8, No. 4 (Jan. 29, 2015).