Q4 was an eventful period for the SEC, marked by a prolonged government shutdown during which routine matters, including examinations, non-emergency enforcement actions, and regulatory guidance, paused. The shutdown was followed by a swift post-reopening surge in examinations and regulatory activity, and significant leadership changes. The Exam Division promptly issued its 2026 Examination Priorities thereafter, and SEC staff issued other notable guidance during the quarter. New regulatory guidance, as well as relevant enforcement developments, are summarized in the Regulatory Forum. While new rulemaking ground to a halt in 2025, as 2026 begins, Chairman Paul Atkins has signaled a renewed focus on regulatory reform to enhance market competitiveness and capital formation. The Standish Compliance team continues to track and analyze regulatory developments and their impact on our private fund and other clients. Let us know if you have questions regarding any regulatory developments or their application to your firm.