This twenty-fourth installment of the Hedge Fund Law Report’s quarterly compliance update highlights upcoming filing deadlines and reporting requirements that fund managers should be aware of during the second quarter of 2023. This guest article by ACA Group consultants Valerie Speare, Grazia Gatti and Dan Campbell also discusses the potential impact of proposed amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 – also known as the Custody Rule – and two recent SEC settlements concerning Rule 105 of Regulation M under the Securities Exchange Act of 1934. For another case involving Rule 105, see “SEC Alleges Short Selling Violations by Firm Whose Compliance Staff Misinterpreted Rule 105” (Jul. 28, 2022).