A program presented by the Hedge Fund Law Report and ACA Compliance Group (ACA) extracted compliance lessons for hedge fund managers from recent SEC enforcement actions in the areas of conflicts of interest, fees and expenses, chief compliance officer liability, compliance resources and technology. The program, entitled “What Hedge Fund Managers Need to Know About SEC Enforcement Trends,” was moderated by William V. de Cordova, Editor-in-Chief of the Hedge Fund Law Report, and featured Barry P. Schwartz, founding partner of ACA, Kent Wegrzyn, managing director of ACA, and Mark Borrelli, a partner at Sidley Austin. This article summarizes the key takeaways from the program. For more from the panelists, see our two-part series on “The SEC’s Broken Windows Approach,” Part One, Vol. 8, No. 37 (Sep. 24, 2015); and Part Two, Vol. 8, No. 38 (Oct. 1, 2015).