On July 4, 2016, the U.K. Financial Conduct Authority (FCA) published its Quarterly Consultation Paper No. 13 (Consultation), proposing amendments to the FCA Handbook of particular relevance to U.S. hedge fund managers marketing feeder funds to British investors under Article 42 of the Alternative Investment Fund Managers Directive (AIFMD). If adopted, Chapter 10 of the Consultation would increase the reporting obligations of a subset of alternative investment fund managers located outside of the European Economic Area (EEA) that market non-EEA feeder alternative investment funds to U.K. investors. Specifically, certain hedge fund managers would be required to provide transparency reporting for their master funds, in addition to their feeder funds. This article examines the impact of AIFMD on the U.K.’s national private placement regime (NPPR), the current transparency reporting requirements applicable to U.S. hedge fund managers availing themselves of that NPPR and the impact the Consultation would have on those reporting requirements. For more on AIFMD, see our two-part series on compliance by hedge fund managers: “Increased Compliance Burden” (Apr. 28, 2016); and “AIFMD’s Depository Requirement” (May 5, 2016).