The HFLR recently conducted a detailed and expansive interview with Brian Guzman, Partner and General Counsel at Indus Capital Partners, LLC.  At a thematic level, the interview covered valuation, cybersecurity, examinations, the AIFMD, and international and tax issues.  At a granular level, the parts of the interview on valuation covered the role and composition of valuation committees; the role of fund boards in the valuation process; best practices with respect to valuation of credit derivatives, distressed debt and other illiquid assets; valuation challenges facing fund of funds managers; use and limits of third-party pricing services; testing of valuation policies and procedures; valuation disclosure; and the relevance of different regional accounting regimes in the hedge fund valuation process.  On cybersecurity, we covered the top challenges and effective strategies for addressing those challenges.  This article includes the parts of our interview on valuation and cybersecurity.  A follow-up article will cover the parts of our interview on examinations, the AIFMD and international and tax issues.  This interview was conducted in connection with (1) the Regulatory Compliance Association’s Compliance, Risk and Enforcement Symposium, which took place on November 4 in New York City – Guzman participated in this Symposium and we will cover it in subsequent issues of the HFLR – and (2) the RCA’s upcoming Regulation, Operations and Compliance (ROC) Symposium, to be held in Bermuda in April 2015.  For additional insight from Guzman, see “FCPA Compliance Strategies for Hedge Fund and Private Equity Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 23 (Jun. 13, 2014); and “RCA Symposium Clarifies Current Market Practice on Side Letters, Conflicts of Interest, Insider Trading Investigations, Whistleblowers, FATCA and Use of Managed Accounts Versus Funds of One (Part One of Two),” Hedge Fund Law Report, Vol. 6, No. 24 (Jun. 13, 2013).