The Practising Law Institute recently sponsored a program entitled “Hedge Fund Compliance and Regulation 2013,” which included a segment entitled “Investor Relations: Ethical Considerations and Compliance Challenges.”  During that session, the expert panel of regulators and industry professionals offered detailed insights on topics related to hedge fund investor relations, including compliance violations unearthed during recent presence examinations of hedge fund managers; strategies for building and maintaining an effective compliance program; views on navigating specific compliance challenges including valuation, conflicts, fees, disclosures and preferential treatment; and potential changes that could arise as a result of the Jumpstart Our Business Startups Act.  This article summarizes key insights from the session.  For our coverage of another session from the program, see “PLI Panel Provides Regulator and Industry Perspectives on SEC and NFA Examinations, Allocation of Form PF Expenses, Annual Compliance Review Reporting and NFA Bylaw 1101 Compliance,” Hedge Fund Law Report, Vol. 6, No. 24 (Jun. 13, 2013).