On June 24, 2016, the world will learn the decision of U.K. citizens to stay in or leave the E.U. If the “Brexit” becomes a reality, hedge fund managers based or operating in the U.K. could face repercussions, including changing regulations and restricted access to markets for their hedge funds. Although the U.K. would remain in the E.U. for at least two years while working out the details of an exit, hedge fund managers should still take certain steps to prepare for and mitigate the impact of departure. This article analyzes the potential implications of the Brexit on hedge fund managers and steps that hedge fund managers should take to prepare. For more on the Brexit, see “With Brexit Looming and New Fund Structures Available, U.S. Hedge Fund Managers Face Risks and Opportunities for Marketing in Europe” (Jun. 9, 2016); and “European Commissioner Emphasizes Need for Proportionate Regulation to Promote the CMU” (Mar. 17, 2016).