As the hedge fund investor base has shifted steadily toward institutional investors, so too have the expectations of those investors regarding a fund manager’s operations and infrastructure. Performance is no longer sufficient to attract institutional capital; institutional investors also want to know that managers are in compliance with all applicable regulatory requirements and have robust internal controls. See “Hedge Fund Managers Are Advised to Build Robust Infrastructure” (Mar. 3, 2016); and “DMS Review Highlights Issues With Regulation, Institutionalization and Customization of Hedge Funds” (May 21, 2015). According to Mark E. Ruddy, a founder of law firm Ruddy Gregory, if a manager is seeking institutional money and that manager’s back office operations are not in order, institutional investors “are going to walk away immediately.” A recent program at the CTA Expo Emerging Manager Forum, hosted by the CME Group, considered the challenges facing new managers, focusing on the new NFA cybersecurity rules and adoption of other policies and procedures. The program was moderated by Ruddy and featured Marc Nagel, an attorney, CPA and futures industry consultant; and Douglas E. Arend, of counsel at Greenberg Traurig. This article highlights key insights from the panelists’ discussion.