The U.K.’s Financial Conduct Authority (FCA) and His Majesty’s Treasury (HMT) have undertaken far-reaching and overlapping initiatives with a view to improving the U.K.’s private funds regime while simultaneously reforming or abolishing vestiges of the E.U.’s Alternative Investment Fund Managers Directive following Brexit. On April 7, 2025, HMT issued its consultation “Regulations for Alternative Investment Fund Managers” (Consultation), and the FCA simultaneously released its “Call for Input: Future regulation of alternative fund managers” (Call for Input). The Consultation focuses on the framework of revising regulations and the relative merits of simplifying the current regulatory framework for alternative investment fund managers (AIFMs) and depositaries, while the Call for Input sets out the FCA’s proposed approach to regulating AIFMs within the revised framework. The comment period for both proposals closed on June 9, 2025. The FCA stated that it plans to consult on detailed rules in the first half of 2026, subject to feedback and decisions by HMT on the future regime. This article summarizes aspects of the proposed regulatory initiatives most relevant for fund managers and presents commentary from lawyers interviewed by the Hedge Fund Law Report. For more from the FCA, see “FCA’s Final Rules on Sustainability Disclosure Requirements and Investment Labels” (Feb. 29, 2024).