Fund managers struggling to raise capital in a hedge fund sector plagued by an outflow of money may seek to employ creative methods to build a fundraising edge. As they do so, it is critically important for managers to be attentive to the nuances of SEC definitions, rules and regulations so as to avoid incurring large civil penalties and settlements. See “Marketing and Reporting Considerations for Emerging Hedge Fund Managers” (Jun. 16, 2016); and “How Can Emerging Managers Raise Institutional Capital While Avoiding Regulatory Pitfalls?” (Aug. 22, 2013). These issues were the focus of a panel discussion that took place during the Ninth Annual Advanced Topics in Hedge Fund Practices: Manager and Investor Perspectives conference presented by Morgan, Lewis & Bockius on June 9, 2016. The panelists were Morgan Lewis partners Stephen C. Tirrell, Steven M. Giordano and Ethan W. Johnson. This article summarizes the takeaways from the discussion. For coverage of other panels at the conference, see “Growing SEC Enforcement of Hedge Fund Managers Requires Greater Focus on Cybersecurity and Financial Disclosure” (Jul. 7, 2016); and “How Can Private Fund Managers Grant Preferential Rights? Delaware Chancery Court Decision Stresses Need for Fund Document Integration” (Jun. 30, 2016). For additional insight from Morgan Lewis partners, see our two-part series on Singapore-based hedge fund managers: “How to Structure” (Jul. 16, 2015); and “Licensing and International Regulation” (Jul. 23, 2015); as well as “Key Person Provisions in Hedge Fund Documents: Structure, Consequences and Demand From Institutional Investors” (Sep. 17, 2009).