Hedge fund managers face numerous areas of potential risk, including allocation of investment opportunities; best execution of trades; soft dollars and related conflicts of interest; marketing and third-party solicitors; and valuation and performance representations. As part of the first session of the Regulatory Compliance Association’s (RCA) Compliance Program Transparency Series, panelists discussed these and other relevant topics. Moderated by Jane Stafford, RCA’s general counsel, the session featured James G. Jones, a founder and portfolio manager of Sterling Investment Advisors; Michelle Clayman, managing partner and chief investment officer of New Amsterdam Partners; Gerald Lins, general counsel at Voya Investment Management; and Tanya Kerrigan, general counsel and chief compliance officer of Boston Advisors. This article outlines the substance of the panel’s discussion on the foregoing issues. For additional commentary from the RCA Compliance Program Transparency Series, see “RCA Session Highlights Issues Pertaining to the Custody Rule, ERISA, Client Agreements, Fees, Codes of Ethics and Confidentiality” (Apr. 7, 2016). See also our coverage of the RCA Enforcement, Compliance and Operations Symposium: “Keys for Hedge Fund Managers to Implement a Comprehensive Cybersecurity Program” (Jun. 18, 2015); “Conflicts of Interest Affecting Fund Managers” (Jul. 2, 2015); and “Pay to Play Rules, GIPS Compliance, Disclosures, Risk Assessments and ERISA Proposals” (Jul. 9, 2015).