Hedge fund managers using market research that could potentially influence trading and investment decisions must be mindful of potentially dramatic rule changes following the January 2018 implementation date of the revised E.U. Markets in Financial Instruments Directive (commonly referred to as “MiFID II”). Key provisions of MiFID II, such as Articles 23 and 24, set forth strict rules concerning conflicts of interest and the receipt of inducements from third parties in connection with trade execution services. European hedge fund managers and U.S. managers with E.U. affiliates must pay particular attention to this directive in light of the significant impact it will have on their businesses. All these points came across in a panel discussion at Morgan Lewis’ tenth annual Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives. This article presents the key takeaways from the panel, which featured Morgan Lewis partners Amy Natterson Kroll, Steven W. Stone and William Yonge. For more on MiFID II, see “Simmons & Simmons Briefing Covers Revisions to U.K. Fund Documents in Anticipation of MiFID II Deadline and the Potential Impact of Pending U.K. Partnership Taxation Rules” (Nov. 2, 2017); and “MiFID II Will Affect Market Structure, Registration and Soft Dollars for Hedge Funds Trading in Europe” (May 19, 2016).