When the U.K. left the E.U., it temporarily transferred E.U. financial services legislation into U.K. law, leaving for future consideration which E.U. laws to adopt permanently. In December 2022, His Majesty’s Treasury concluded its Future Regulatory Framework review, which sought to ensure the country’s “regulatory framework for financial services continues to be coherent, agile and internationally respected,” according to the discussion paper (Discussion Paper) issued by the U.K. Financial Conduct Authority (FCA). The FCA is now considering updates to the U.K. asset management regulation, including certain rules affecting alternative investment fund managers. “Given the U.K.’s leading role as a centre for asset management, we want to make sure our rules are fit for the future. We want a U.K. wholesale market which supports the economy and is open to innovation, while remaining consistent with high standards of consumer protection and market integrity,” said Camille Blackburn, Director of Wholesale Buy-Side at the FCA, in the press release announcing the Discussion Paper. The article discusses the key takeaways from the Discussion Paper. See “New FCA Consultation: the U.K. Version of the E.U.’s SFDR?” (Jan. 5, 2023).