In April this year, the Financial Conduct Authority (FCA) published a Call for Input on the future regulatory framework for alternative investment fund managers in the UK (CfI), alongside a concurrent consultation by HM Treasury, which sets out several proposals on the perimeter of the regulatory framework (the Consultation). The CfI outlined the FCA’s vision for a more proportionate, flexible and internationally aligned regime that supports growth, innovation and competition, while maintaining investor protection and market integrity in the asset management sector.