Given the increased scrutiny of cybersecurity by governments around the globe, hedge fund managers operating in multiple jurisdictions must be aware of the relevant regulatory cybersecurity expectations. This two-part series examines the operations of the U.K. Financial Conduct Authority (FCA) and the SEC, both of which have increased their focus on cybersecurity, albeit with differing approaches. Part One discusses the FCA and SEC as regulators of financial services in their respective jurisdictions and outlines the guidance issued, and the methods adopted, by the two regulators. Part Two will explore how hedge fund managers can navigate the current regulatory environments, including existing guidance, in the U.S. and the U.K., and simultaneously satisfy the requirements of each regulator. See also our series on “How Hedge Fund Managers Can Meet the Cybersecurity Challenge”: Part One (Dec. 3, 2015); and Part Two (Dec. 10, 2015).