Under its “broken windows” approach to enforcement, the SEC has filed a record number of enforcement actions against hedge fund managers, investment advisers and other industry participants.  With the rise in enforcement activity comes a similar increase in opportunity for hedge fund managers to learn practical lessons.  To distill some of these lessons, the Hedge Fund Law Report recently interviewed Barry P. Schwartz, founding partner of ACA Compliance Group (ACA); Kent Wegrzyn, managing director of ACA; and Mark Borrelli, a partner at Sidley Austin.  This article, the second in a two-part series, sets forth the participants’ thoughts with respect to compliance resources, chief compliance officer (CCO) liability and technology.  In the first article, the interviewees discussed the SEC’s broken windows approach, conflicts of interest and allocation of fees and expenses.  On Thursday, October 1, 2015, from 11:00 a.m. to 12:00 p.m. EDT, Schwartz, Wegrzyn and Borrelli will expand on the topics in this series – as well as other issues that affect hedge fund managers – in a webcast entitled “What Hedge Fund Managers Need to Know about SEC Enforcement Trends,” which will be moderated by William V. de Cordova, Editor-in-Chief of the HFLR.  To register for the webcast, click here.  For more from ACA, see “ACA Webcasts Detail Exempt Reporting Adviser Qualifications and Compliance Obligations,” Hedge Fund Law Report, Vol. 5, No. 10 (Mar. 8, 2012).