Hedge fund managers must comply with numerous requirements under the securities laws, as well as related rules and regulations. In many cases, the laws simply state that managers must do – or not do – certain things without specifying the exact steps they should take, policies they should implement, etc. The SEC may provide additional guidance, such as risk alerts, that fleshes out those requirements, but it does not always do so. There is another valuable source of compliance insights available, however: the SEC’s enforcement actions. The cases that the Enforcement Division brings against private fund managers and others are essentially cautionary tales, illustrating what not to do and the consequences of making those mistakes. By reviewing enforcement actions, managers can learn important lessons that they can then apply to their own compliance programs. In light of the upcoming Labor Day holiday in the U.S., the Hedge Fund Law Report is highlighting five articles from its archives on SEC enforcement actions that provide valuable lessons for hedge fund managers. These actions focus on hot-button areas in which managers continually face heightened scrutiny, including compliance policies and procedures; disclosure; fees and expenses; conflicts of interest; and valuation. Next week (the week starting September 6, 2021), the HFLR will resume its normal weekly publication.