When the SEC talks, people listen. And securities enforcement professions look forward all year to listening to the Commissioners and the SEC’s senior leadership speak at The SEC Speaks conference.

In particular, discussions about the Division of Enforcement’s trends and priorities ranks as one of the most anticipated panels at the conference. This year, uncertainty

We recently peered into our crystal ball to divine the SEC’s 2013 enforcement priorities for advisers to private funds (i.e., hedge funds and private equity funds), but came up empty. Instead, we looked at the SEC’s public statements and prior enforcement actions, which reveal four areas of enforcement risk for private fund advisers. First, the