The laws affecting the hedge fund industry have seen numerous changes and mileposts over the past few decades. In order to gain insight into how the laws have evolved, the Hedge Fund Law Report interviewed Terrance O’Malley about the more significant legal developments. O’Malley has played a role in and chronicled many of these developments over the course of his 25 years in the business as a regulator, outside counsel, chief compliance officer, general counsel and hedge fund executive. He is known to many readers as the co‑author of the “Investment Adviser’s Legal and Compliance Guide,” the third edition of which will be released this summer – 15 years after its first publication. For additional insight from O’Malley, see “The SEC’s Proposed Custody Rule Changes: An Analysis of the Impact on Hedge Fund Managers” (Jun. 24, 2009).