Brexit will have significant implications for fund managers marketing non‑U.K. hedge funds into the U.K. In particular, implications will be felt by funds that are currently authorized under the E.U. Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. This guest article by Michael Newell and Michael Sholem, partner and special counsel, respectively, at Cadwalader, examines the U.K.’s Temporary Marketing Permissions Regime for both European Economic Area (EEA) alternative investment funds and EEA UCITS vehicles. The article also analyzes the U.K.’s proposed new Overseas Fund Regime for the marketing of non‑U.K. retail funds to U.K. investors. See “FCA Executive Director Outlines Regulator’s Brexit Preparations and Expectations for Fund Managers” (Aug. 2, 2018); and “Post-Brexit Environment Requires Fund Managers to Combine Granular Knowledge of Europe’s Varied Funds Markets With Appropriately Targeted Marketing Campaigns” (Mar. 2, 2017).