This is the third article in our three-part series covering the 7th Annual Hedge Fund General Counsel Summit hosted by ALM Events.  This article addresses salient points from sessions on the JOBS Act, the Alternative Investment Fund Managers Directive and new regulatory developments that will impact activist investing in Canada.  The first installment discussed strategies for handling government investigations and challenges facing chief compliance officers, including dual-hatting and supervisory liability.  The second installment discussed the impact of over-the-counter derivatives reforms on fund managers (including a discussion of new mandatory trade reporting, clearing and execution requirements as well as CFTC cross border rules); opportunities and challenges associated with distressed debt investing (including a discussion of opportunities to participate in Chapter 11 proceedings, considerations in claims trading and risks of distressed debt investing); and best practices to address insider trading risks.  On insider trading, see also “Akin Gump Partners Discuss Non-U.S. Enforcement, Insider Trading in Futures, Failure to Supervise Charges and Other Evolving Insider Trading Challenges for Hedge Fund Managers,” Hedge Fund Law Report, Vol. 6, No. 45 (Nov. 21, 2013).