Brexit will have significant implications for fund managers marketing non-U.K. hedge funds into the U.K. In particular, implications will be felt by funds that are currently authorized under the E.U. Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. In a guest article, Cadwalader attorneys Michael Newell and Michael Sholem examine the U.K.’s Temporary Marketing Permissions Regime for both European Economic Area (EEA) alternative investment funds and EEA UCITS vehicles. The article also analyzes the U.K.’s proposed new Overseas Fund Regime for the marketing of non‑U.K. retail funds to U.K. investors. See our two-part series on “Navigating Changing E.U. Distribution, Marketing and AML Rules”: Part One (Jun. 11, 2020); and Part Two (Jun. 18, 2020). See also “How Hard Is Brexit Expected to Impact Alternative Fund Managers?” (Dec. 13, 2018).