On February 25, 2009, The Regulatory Compliance Association (RCA) hosted a teleconference titled “Hedge Funds in the Cross-Hairs of Regulatory Reform,” as part of its CCO University Outreach Series.  The teleconference focused on four general themes: the near certainty of passage of new legislation focused on hedge funds; the widening scope of civil and even criminal cases brought against hedge fund industry participants by prosecutors and administrative agencies; the potential systemic effects of likely regulatory changes; and the importance of instituting best practices before being required to do so by the government.  We provide a detailed summary of the salient points covered in the teleconference.