On January 16, 2009, two private sector committees, the Asset Managers’ Committee and Investors’ Committee of the President’s Working Group on Financial Markets released their final best practices reports. Drafts of each report were originally released on April 15, 2008 (as we reported in our April 29, 2008 issue) and were open to public comment for 60 days. The President’s Working Group modified the reports in response to comments received during the comment period and to address interim developments in global financial markets. Overall, the reports provide a comprehensive set of best practices for hedge fund managers and investors that are designed to reduce systemic risk and improve investor protection. We provide a detailed discussion of the material provisions of both reports.