This installment of the Hedge Fund Law Report’s quarterly compliance update highlights upcoming filing deadlines and reporting requirements fund managers should be aware of during the third quarter of 2025. ACA Group’s 2025 regulatory filings calendar, which is designed to help hedge fund managers stay on top of important filing obligations, is available here. This guest article by ACA Group consultants Luis Garcia, Grazia Gatti and Dan Campbell also includes information on recent SEC guidance that could expand investor access to private fund investing; relief on the application of federal securities laws to digital assets and finance; and updated FAQs for the recent Form PF amendments. For more from the ACA Group, see “ACA Compliance Testing Survey: Electronic Communications Displace Marketing As Top Concern” (Jan. 30, 2025).