Insider trading remains a leading enforcement priority even as the conduct migrates far beyond the classic earnings-and-equities case. Senior government officials have signaled that the area is a continuing focus, and the cases are reaching new asset classes, new markets and new detection technologies. A panel at the Securities Enforcement Forum West 2026, held May 21, 2026, in San Francisco, focused on those developments and what they mean for fund managers. The panel featured Martine M. Beamon, partner and co-head of the white collar defense and investigations group at Davis Polk; Lloyd Farnham, chief of the corporate and securities fraud section of the U.S. Attorney’s Office for the Northern District of California; Teresa Goody Guillén, partner at Bellementis PLLC; Fitzann Reid, GC and CCO of Hunterbrook Media; and Jason Spitalnick, partner at Snell & Wilmer. Farnham, Reid and Spitalnick previously served at the SEC. This article examines the panelists’ key insights. See “2026 Securities Enforcement Forum Panel Discusses Current Enforcement Climate“ (Mar. 12, 2026); and “What Can Hedge Fund Managers Expect From the SEC in 2026?” (Jan. 29, 2026).