While the coronavirus pandemic has led to historic levels of market volatility and economic uncertainty, fund managers can know one thing for sure: regulators are still paying attention. In particular, the SEC and other agencies are particularly aware of how today’s unique circumstances could lead to an increase in insider trading. Among other steps, it is essential for fund managers to evaluate and reassess their insider trading policies and procedures to avoid future SEC enforcement actions or enforcement by other governmental bodies. This article analyzes potential legal dilemmas for fund managers trading around major pandemic news; explores the potential increased scrutiny facing fund managers; and outlines the steps they can take to protect themselves and their funds from insider trading problems. For additional coverage of the coronavirus pandemic, see “How Fund Managers Can Withstand the Coronavirus Pandemic: Form ADV Filing Relief, Investor Communications and Fund Valuation Issues (Part One of Three)” (Apr. 2, 2020); and “Key Considerations for Fund Managers Responding to the Coronavirus Outbreak” (Mar. 26, 2020).