On October 1, 2009, the Third Annual Hedge Fund General Counsel Summit convened in Old Greenwich, Connecticut, organized by Corporate Counsel and Incisive Media Events.  The one-day conference featured eight panel discussions focusing on topics including the following: changes in the regulatory and enforcement practices of the Securities and Exchange Commission (SEC); the “foregone conclusion” that the U.S. Congress will soon pass a bill requiring the registration of certain hedge fund advisers; how to prepare for an SEC audit; side letter terms and tracking; and hedge fund restructurings in the U.S., Cayman Islands and British Virgin Islands.  A recurring theme among the various panels was the newfound relevance of compliance and robust controls in the hedge fund business, and the concomitant growth in importance within hedge fund managers of the general counsel and chief compliance office (often the same person).  This article discusses the most salient points raised at the conference.