Voluntarily reporting misconduct to the SEC is not a decision to be made lightly. Although there may be benefits to self-reporting violations (e.g., 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 – e.g., when to notify the SEC and whom to notify within the regulator – and 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 “Recent Speeches Outline the Ethos, Direction and Priorities of the SEC’s Division of Enforcement Under Gurbir Grewal” (Nov. 16, 2021).