The HFLR recently interviewed Brian Guzman, Partner and General Counsel at Indus Capital Partners, LLC, on various top-of-mind issues for hedge fund manager general counsels.  Our interview generally covered valuation, cybersecurity, examinations, the AIFMD, and international and tax issues.  This article, the second in a series, conveys Guzman’s insights on the latter four topics.  In particular, this article discusses the SEC’s top three focus areas in examinations of hedge fund managers; the key differences between SEC and NFA examinations; the chief conflicts in side-by-side management of hedge funds and alternative mutual funds; how the AIFMD has affected marketing by U.S. hedge fund managers to European institutions; challenges in filing Annex IV; achieving consistency across disclosures; notable differences and similarities between international insider trading regimes; transfer pricing issues for hedge fund managers; and post-409A tax deferral strategies.  The first article in this series relayed Guzman’s thoughts on valuation and cybersecurity.  This interview was conducted in connection with (1) the Regulatory Compliance Association’s Compliance, Risk and Enforcement Symposium, which took place on November 4 in New York City – Guzman participated in that Symposium and we will cover it in subsequent issues of the HFLR – and (2) the RCA’s upcoming Regulation, Operations and Compliance (ROC) Symposium, to be held in Bermuda in April 2015.  For additional insight from Guzman, see “FCPA Compliance Strategies for Hedge Fund and Private Equity Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 23 (Jun. 13, 2014); “RCA Symposium Clarifies Current Market Practice on Side Letters, Conflicts of Interest, Insider Trading Investigations, Whistleblowers, FATCA and Use of Managed Accounts Versus Funds of One (Part One of Two),” Hedge Fund Law Report, Vol. 6, No. 24 (Jun. 13, 2013).