Fund managers have to negotiate a range of complex regulatory requirements when raising capital. A recent panel at Morgan Lewis’ annual hedge fund event analyzed the SEC’s recent amendments to the exempt offering framework under the federal securities laws, which are aimed at facilitating capital formation. The panel also addressed the perennial issue of when marketing activities cross over into broker-dealer territory and a proposed SEC exemptive order that would make it easier for fund managers to engage finders. The program featured Morgan Lewis partners Amy Natterson Kroll and David A. Sirignano. This article distills their insights. For additional commentary from Kroll, see “MiFID II May Have Significant Ramifications on Research Payments Involving U.S. Managers With Cross-Border Operations” (Jul. 27, 2017).