The rules and regulations governing private equity and hedge fund advisers continue to develop in response to changes in technology, particularly in the areas of social media and cybersecurity. As a result, advisers become subject to an ever-increasing degree of supervision by the Securities and Exchange Commission (SEC) and self-regulatory organizations. This update summarizes some of the most important developments during the past year. We will look at some significant recent regulatory developments, focus on SEC examination priorities, and then review certain recent SEC enforcement actions.