This article is the first in a three-part series discussing practical insights from a recent presentation on insider trading by K&L Gates partners Michael W. McGrath, Carolyn A. Jayne and Nicholas S. Hodge.  In particular, this article provides background on the aspects of insider trading doctrine most relevant to hedge fund managers (including entity liability and special considerations for CFA charter holders), then outlines four enforcement trends that bear directly on hedge fund trading strategies and operations.  The second article in this series will detail eight prophylactic measures that hedge fund managers can implement to avoid insider trading violations.  The third article in this series will make recommendations to hedge fund managers for amending their compliance programs in light of lessons from recent insider trading enforcement actions.  For more on insider trading issues relevant to hedge fund managers, see “‘Best Ideas’ Conference Presentations: Challenges Faced by Hedge Fund Managers Under Federal Securities Law (Part One of Two),” Hedge Fund Law Report, Vol. 7, No. 30 (Aug. 7, 2014).