When the U.K. left the European Union (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 recent discussion paper (Discussion Paper) issued by the U.K. Financial Conduct Authority (FCA). The FCA is seeking views on updating U.K. asset management regulation, including certain rules affecting alternative investment fund managers. This article discusses the key takeaways from the Discussion Paper. Comments on the paper are due by May 22, 2023. See “New FCA Consultation: the U.K. Version of the E.U.’s SFDR?” (Jan. 5, 2023).