A recent Pepper Hamilton program featuring partner Gregory J. Nowak looked at the key regulatory issues an investment adviser faces when developing its advisory business. This article, the first in a two-part series, summarizes the portions of the program that covered separately managed accounts, adviser registration and the applicable federal securities laws. The second article will cover taxation issues, organizational expenses, redemptions, publicly traded partnership rules, performance fees and alternative fund structures. For additional commentary from Nowak, see “Blockchain and the Private Funds Industry: Potential Impediments to Its Eventual Adoption (Part Three of Three)” (Jun. 15, 2017); and “Three Approaches to Valuing Fund Assets and How Auditors Review Those Valuations” (May 11, 2017).