In a recent speech delivered at Bloomberg’s offices in the City of London, Tracey McDermott, Acting Chief Executive of the U.K. Financial Conduct Authority (FCA), discussed several critical developments and initiatives that involve the FCA and that may affect hedge fund managers; outlined the FCA’s approach to wholesale market policy; and detailed the benefits and challenges of implementing MiFID II. Throughout her speech, McDermott emphasized the need for financial services firms, such as hedge fund managers, to take greater responsibility for the overall functioning of the industry and implementation of MiFID II. This article provides an overview of the points raised by McDermott. For insight from McDermott’s colleagues, see “Hedge Fund Managers Must Prepare for Benchmark Regulation” (Feb. 11, 2016); “FCA Director Summarizes 2015 Regulatory Initiatives Applicable to Hedge Fund Managers and Financial Markets” (Jan. 7, 2016); and “FCA Urges Hedge Fund Managers to Prepare for MiFID II” (Oct. 29, 2015).