This is the final article in a four-part series covering the Practising Law Institute’s Hedge and Private Fund Enforcement & Regulatory Developments 2014 event.  The first article in this series discussed points made by Julie M. Riewe, Co-Chief of the SEC’s Asset Management Unit, on enforcement trends, principal transactions, conflicts raised by side-by-side management, valuation, allocation of expenses and the potential deterrent value of smaller enforcement actions.  The second article addressed CFTC enforcement concerns and cases, New York Attorney General’s Office initiatives and defense strategies for avoiding and managing government investigations.  The third article focused on best practices for preparing for and responding to SEC inspections and examinations.  This final article in the series summarizes the following additional areas impacting hedge fund managers: (1) current focus areas of the SEC’s Complex Financial Instruments Unit, especially as those focus areas relate to instruments traded by hedge funds; (2) the evolving regulatory ecosystem in which activist managers obtain, manage and deploy investment-sensitive information; and (3) the view of top in-house counsel on hedge fund manager compliance policies that are demonstrably effective.  On activism and information management, see also “‘Best Ideas’ Conference Presentations: Challenges Faced by Hedge Fund Managers Under Federal Securities Law (Part Two of Two),” Hedge Fund Law Report, Vol. 7, No. 31 (Aug. 21, 2014); “Did Pershing Square and Valeant Violate Insider Trading, Antitrust or Tender Offer Rules in Their Pursuit of Allergan?” Hedge Fund Law Report, Vol. 7, No. 17 (May 2, 2014).