The Practising Law Institute recently sponsored a panel highlighting the impact of derivatives reforms on managers of hedge funds that trade swaps. Among other things, the panel addressed key product definitions, including whether certain instruments are considered “swaps”; CPO registration obligations, exemptions and other administrative relief; ongoing compliance requirements applicable to registered CPOs, including the Series 3 exam requirement; and amendments to swap trading documentation triggered by Dodd-Frank and European Union derivatives regulatory reforms. See “Dechert Webinar Highlights Key Deal Points and Tactics in Negotiations between Hedge Fund Managers and Futures Commission Merchants regarding Cleared Derivative Agreements,” Hedge Fund Law Report, Vol. 6, No. 16 (Apr. 18, 2013); and “A Practical Guide to the Implications of Derivatives Reforms for Hedge Fund Managers,” Hedge Fund Law Report, Vol. 6, No. 29 (Jul. 25, 2013). This article summarizes the key insights from the discussion. The speakers were Michael J. Drayo, Senior Counsel at investment adviser The Vanguard Group, Inc., and Susan C. Ervin, a partner in the Financial Institutions group at Davis Polk & Wardwell LLP. See “Do You Need to Be a Registered CPO Now and What Does It Mean If You Do? (Part Two of Two),” Hedge Fund Law Report, Vol. 5, No. 19 (May 10, 2012).