This is the first article in a two-part series focusing on a recent Practising Law Institute program entitled “Hedge Fund Management 2014.”  This article examines the key points from a panel on European hedge fund regulation and Securities Act Rule 506(c) offerings.  In this panel, Stuart J. Kaswell, Executive Vice President, Managing Director and General Counsel of the Managed Funds Association in Washington, D.C., addressed ways in which the Alternative Investment Fund Managers Directive (AIFMD), the Markets in Financial Instruments Directive (MiFID), the Markets in Financial Instruments Regulation (MiFIR) and recent activity by the European Securities and Markets Authority (ESMA) are complicating the process by which U.S.-based hedge fund managers approach and interact with European investors.  Thomas J. Kim, a partner at Sidley Austin, discussed Rule 506(c) offerings and recent harmonization of SEC and CFTC guidance on general solicitation.  See “Further CFTC Harmonization of Rules for Hedge Funds: A Welcome and Continuing Trend,” Hedge Fund Law Report, Vol. 7, No. 35 (Sep. 18, 2014).  Davis Polk partner Nora M. Jordan chaired the program and participated in the panel that is the subject of this article.