The U.K. Financial Conduct Authority (FCA) recently released a survey outlining the key findings from its data analysis of the hedge fund industry. In an attempt to identify funds or trends with the potential to pose systemic risk, the FCA explored various aspects listed under the proposed Assessment Methodology for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions, including the extent of OTC trading, liquidity buffers and re-hypothecation. The FCA highlighted unencumbered asset ratios as a key indicator. This article reviews the survey’s main findings. For coverage of previous systemic risk analysis by the U.K. regulator, see “U.K.’s FSA Issues Biannual Report Assessing Possible Sources of Systemic Risk from Hedge Funds,” Hedge Fund Law Report, Vol. 5, No. 11 (Mar. 16, 2012).