This installment of the Hedge Fund Law Report’s quarterly compliance update highlights key upcoming filing deadlines and reporting requirements fund managers should be aware of during the second quarter of 2025. This guest article by ACA Group consultants Grazia Gatti, Luis Garcia and Dan Campbell also discusses recent shifts to the regulatory approach of both the SEC and CFTC resulting from the change in the U.S. administration, along with two recent SEC actions concerning anti-money laundering. For more from ACA Group, see “ACA Compliance Testing Survey: Electronic Communications Displace Marketing As Top Concern” (Jan. 30, 2025).