Rule 206(4)‑7 under the Investment Advisers Act of 1940 (Advisers Act) – the so‑called “Compliance Rule” – requires investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the SEC’s rules. In other words, hedge fund managers must have compliance programs. Despite the fact that this is not a new requirement, some fund managers are still struggling to satisfy the SEC’s expectations for compliance programs – resulting in exam deficiencies and enforcement actions for violations ranging from having inadequate policies and procedures to failing to tailor a compliance program to the manager’s actual practices. Due to the Fourth of July holiday in the U.S. today, this issue highlights five articles from the Hedge Fund Law Report’s archives that focus on compliance program basics, including compliance issues identified by the SEC in exams of private fund managers; the logistics of tailoring a compliance program; how to improve such programs with gap analysis and risk assessments; the importance of providing effective compliance training; and how to use a checklist to streamline and organize the annual compliance program review. The week starting July 15, 2024, the Hedge Fund Law Report will resume its normal publication schedule. See “SEC Cites Adviser, Whose Founder and CCO Had Died, for Multiple Compliance Failures” (Oct. 26, 2023).