David Lawton, Director of Markets Policy and International at the U.K. Financial Conduct Authority (FCA), has added his voice to the ongoing debate about the systemic risk posed by hedge funds and other investment funds. See “European Central Bank Official Regards Hedge Fund Leverage As Risk to Financial System” (Mar. 24, 2016). In a speech at The 9th Financial Risk International Forum in Paris, Lawton provided some background to the debate; discussed market and fund liquidity, along with regulatory work that has been undertaken by the FCA and others; and addressed investor concerns. For additional insight from Lawton, 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).