The U.K. Financial Conduct Authority (FCA) has issued a Consultation Paper regarding regulation of authorized investment funds.  The FCA is consulting on proposed rules and guidance relating to the implementation of upcoming changes (commonly referred to as UCITS V) to the European Directive on Undertakings for Collective Investment in Transferable Securities (UCITS).  The proposals are relevant to managers of UCITS and other authorized funds, as well as other entities involved in the U.K. fund management industry.  This article sets out the UCITS regulatory framework and summarizes the FCA’s proposals addressing UCITS management company issues, which include remuneration, transparency and whistleblowing requirements.  For more on UCITS, see “Are Alternative Investment Strategies Within the Spirit of UCITS?,” Hedge Fund Law Report, Vol. 5, No. 23 (Jun. 8, 2012); and “The Implications of UCITS IV Requirements for Asset Management Functions,” Hedge Fund Law Report, Vol. 4, No. 36 (Oct. 13, 2011).  For additional analysis by the FCA, see “FCA Hedge Fund Survey Examines Key Risk Metrics Applicable to Hedge Funds,” Hedge Fund Law Report, Vol. 8, No. 27 (Jul. 9, 2015).