On September 11, 2014, SEC Division of Investment Management Director Norm Champ delivered remarks at the Practising Law Institute’s 2014 hedge fund management seminar.  Champ covered a wide range of territory, including industry statistics, use of Forms ADV and PF for systemic risk monitoring and enforcement purposes, recent guidance updates and no-action letters relevant to hedge fund managers, evolving examination dynamics, signs of a weak compliance program and industry-specific conflicts of interest.  Champ also highlighted notable conflicts of interest inherent in simultaneously managing alternative mutual funds and hedge funds, expanding on the ideas he introduced in a speech at a PLI private equity event on June 30, 2014.  For more on Champ’s June 30 speech, see “Five Key Compliance Challenges for Alternative Mutual Funds: Valuation, Liquidity, Leverage, Disclosure and Director Oversight,” Hedge Fund Law Report, Vol. 7, No. 28 (Jul. 24, 2014).