In addition to staying aware of SEC guidance, rulemaking, statements, risk alerts and other overt indicators of the regulator’s areas of focus, hedge fund managers should also keep up to date on enforcement actions that may more subtly suggest the SEC’s key concerns. For example, two fairly unique SEC enforcement actions announced in fall 2021 have caused CCOs to think anew about insider trading and material nonpublic information. Those actions and other issues were addressed in a Practising Law Institute panel moderated by Gibson Dunn partner Mark K. Schonfeld. The panelists included Eric M. Albert, CCO and legal counsel at Holocene Advisors, LP; Kenneth J. Burke, head of compliance and senior counsel at Vista Credit Partners Management, LLC; and Igor Rozenblit, founder and partner at Iron Road Partners and former Co‑Head of the SEC’s Private Funds Unit. This article, the first in a two-part series, covers the discussion of those enforcement actions and their implications for hedge fund managers. The second article will summarize key takeaways from the discussion on current compliance challenges involving ESG investing and conflicts related to business expansion, as well as early goals for incoming CCOs. For more from Schonfeld, see “Regulatory and Employment Concerns for Managers Reopening Their Offices” (Aug. 6, 2020).