In conjunction with the recent release of the agency’s business plan, U.K. Financial Conduct Authority (FCA) Chief Executive Andrew Bailey said that “[d]ealing with Brexit will be the most immediate challenge [the FCA] face[s].” That admission speaks to the magnitude of Brexit, as well as the potential ramifications that will likely trickle down to any facet of the private funds industry with a nexus to the E.U. or the U.K. in 2021 and beyond. Although fund managers have had ample time to prepare for Brexit, unexpected issues are likely to crop up, and managers will need to remain vigilant. A program sponsored by the New York Alternative Investment Roundtable and the Chartered Alternative Investment Analyst Association delved into Brexit’s impact on consumers and financial markets; U.K. access to the E.U.; and future regulation. Moderated by Marianne Scordel, founder of Bougeville Consulting, the program featured Mikhael Ayache, Economic Counselor and Deputy Financial Counselor of the French Treasury in the U.S.; Raymond Mouhadeb, U.S. GC of Lombard Odier Asset Management; and Barbara G. Novick, vice chairman and co‑founder of BlackRock. The article summarizes key takeaways from the program. See “Travers Smith Attorney Simon Witney Forecasts the Effect of E.U. Regulatory Developments and the Impending Brexit on the U.K. PE Industry” (Nov. 17, 2020); and “Brexit Remains an Immediate FCA Concern for 2019/2020, With Regulatory Evolution a Longer‑Term Area of Interest” (Oct. 22, 2019).