The latest “Dear CEO” letter to asset management and alternate investment management firms (Letter) from the U.K. Financial Conduct Authority (FCA) sets forth its supervisory priorities for 2025. Its top priorities include private markets – with concerns over valuation, conflicts of interest and retail investor access; market integrity; and consumer outcomes. The Letter complements the FCA’s ongoing policy work, particularly its efforts to support growth. It is intended to help both the FCA and firms prioritize their deployment of resources. “In many ways, the [Letter] reinforces and builds upon themes the FCA has flagged in recent years, but the intensity and specificity have increased,” Leonard Ng, partner at Sidley Austin LLP, told the Hedge Fund Law Report. This article discusses the key takeaways from the letter, with additional commentary from Ng. See “FCA Seeks Input on Updating Asset Management Regulation” (Apr. 27, 2023).