On July 14, 2026, the U.K. Financial Conduct Authority (FCA) and His Majesty’s Treasury published four consultation papers proposing fundamental changes to the U.K.’s regulatory regime for alternative investment fund managers. Their goal is to make the U.K. version of the Alternative Investment Fund Managers Directive (AIFMD) clearer; more proportionate; and better aligned to firm size, activities and business models. If adopted as proposed, the new U.K. AIFMD regime would mark a stark enough departure from the E.U.’s version of the rules to prevent managers from being able to monitor both under a single compliance program. In a program on the proposed changes, Simmons & Simmons partners Nicholas Colston, Tair Hussain, Devarshi Saksena and Louise Tudor‑Edwards provided an overview of the proposed changes, focusing on the firms to which they will apply; the proposed rules on valuation, leverage, risk management, liquidity risk management, delegation, investor disclosures and FCA reporting; and how those proposed rules differ from the current AIFMD regime. This article synthesizes their insights. See “U.K. Regulators Propose Changes to AIFM Rules to Ease Compliance Burden on Fund Managers” (May 29, 2025).