In a speech delivered at the European Regulation Forum sponsored by the Chartered Institute for Securities & Investment, Edwin Schooling Latter, Head of Markets Policy of the U.K. Financial Conduct Authority (FCA), discussed the E.U. Benchmarks Regulation and the impact the regulation is expected to have on benchmark administrators, contributors and users, including hedge fund managers. In his remarks, Schooling Latter discussed the need for benchmark regulation and the anticipated effect of the E.U. regulations, before providing advice to hedge fund managers and other market participants as to what they should be doing to prepare for the regulation and manage the risks inherent to benchmarks. This article summarizes the points raised by Schooling Latter. For insight from Schooling Latter’s colleague, see “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). For discussion of the relevance of benchmarks to the hedge fund industry, see our two-part series on “The Use of Benchmarks to Measure Hedge Fund Performance by Pension Funds and Institutional Investors”: Part One (Jul. 30, 2015); and Part Two (Aug. 6, 2015).