Voluntarily reporting misconduct to the SEC is not a decision to be made lightly. While there may be benefits to self-reporting violations, such as reduced penalties, there are also downsides – most notably, alerting the government to misconduct it might not have otherwise discovered. Once a fund manager has decided that the benefits of self-reporting outweigh the drawbacks, it must still consider the logistics, including when to notify the SEC and whom to notify within the regulator, as well as what measures it can take to put itself in the best position possible when self-reporting. This two-part series explores why, when and how fund managers should self-report violations to the SEC. This second article addresses the timing and logistics of self-reporting; ways managers can put themselves in the best position possible when self-reporting; and things managers should do if they ultimately decide not to self-report violations. The first article discussed the SEC’s Cooperation Program; the pros and cons of self-reporting violations to the SEC; and the factors fund managers should consider when deciding whether to self-report. For more on self-reporting, see “Entry by SEC Into a Non-Prosecution Agreement With Clothing Marketer Illustrates How Hedge Fund Managers May Survive Discovery of Certain Insider Trading Violations” (Dec. 29, 2010).