As fund managers increasingly turn to sophisticated data streams to boost investment returns and produce greater operational efficiencies, it is critical that they understand the legal and practical risks posed by the use of big data. This second article in our three-part series on big data analyzes issues and best practices surrounding the acquisition of material non-public information, web scraping and the quality and testability of data. The first article explored the big-data landscape and how fund managers can acquire and use big data in their businesses. The third article will discuss risks associated with data privacy and the acquisition of data from third parties and the use of drones, as well as recommended methods for mitigating those risks. For more on big data, see “Best Practices for Managing the Risks of Big Data and Web Scraping” (Jul. 26, 2017).