This is the second article in a two-part series discussing the chief legal concerns raised by hedge fund manager presentations at “best ideas” conferences – conferences at which investment professionals present investment ideas, share convictions and analyze recommendations.  The benefits of presenting at such events include increased visibility and often a charitable component.  The legal pitfalls of presenting at such conferences, however, are various.  The first article in this series discussed issues under Rule 506 of Regulation D, including whether a presentation at a best ideas conference constitutes an offering or general solicitation, as well as Investment Company Act issues.  This article discusses Investment Advisers Act issues, advertising restrictions, fiduciary duty and related considerations and Commodity Exchange Act issues.  The authors of this article series are S. Brian Farmer, Co-Managing Partner of the Investment Management & Private Funds Practice Group at Hirschler Fleischer, and John C. C. Byrne, II.