In late 2015, the U.K. government announced that it would extend the new Senior Managers and Certification Regime (Senior Managers Regime) to all sectors of the financial services industry, including hedge fund managers and other asset managers. Under the Senior Managers Regime, senior management personnel within hedge fund managers and other financial services firms will be subject to increased personal responsibility, robustly enforced by U.K. regulatory authorities. See “U.K. Imposes New Statutory Duty of Responsibility on Hedge Fund Senior Managers” (Oct. 22, 2015). The U.K. Financial Conduct Authority (FCA) recently published a statement addressing uncertainty as to whether a firm’s legal function would be subject to the Senior Managers Regime. This article summarizes the FCA’s position and discusses the impact of the announcement on legal personnel of hedge fund managers. For more on hedge fund manager employee liability, see “Employees of Hedge Fund Managers May Be Liable for Failing to Prevent Fraud” (Jul. 30, 2015); and “U.K. Appellate Court Holds That Hedge Fund Manager Employees May Be Personally Liable” (Feb. 28, 2013).