Non-E.U. fund managers that wish to market funds in the E.U. through private placements are subject to the registration, notification and reporting regimes of the individual member states.  In that regard, the U.K. Financial Conduct Authority (FCA) recently published guidance and corresponding FAQs on the reporting obligations of non-E.U. fund managers that are marketing funds in the U.K. under its private placement regime.  See “Navigating the Patchwork of National Private Placement Regimes: A Roadmap for Marketing in Europe by Non-EU Hedge Fund Managers That Are Not Authorized Under the AIFMD,” Hedge Fund Law Report, Vol. 7, No. 28 (Jul. 24, 2014).  This article summarizes certain key elements of the FCA’s recent guidance that concern reporting in the U.K. by non-E.U. managers.  See also “What Is the Difference Between Marketing and Reverse Solicitation Under the AIFMD?,” Hedge Fund Law Report, Vol. 7, No. 42 (Nov. 6, 2014).