In November 2019, the European Parliament adopted a regulation on the prudential requirements for investment firms (IFR) and a directive on the prudential supervision of investment firms (IFD). E.U. member states must implement the IFD/IFR by June 26, 2021; the U.K. is adopting a parallel regime. The new regimes will capture many investment advisers that were not previously subject to prudential regulation. A recent ACA Compliance Group seminar examined the scope of the IFD/IFR; its capital, remuneration, risk assessment and governance requirements; and ways the IFD/IFR and U.K. regimes may differ. The program featured Bobby Johal and Andrew Welch, managing directors at ACA Compliance Europe; Bernadette King, partner at accounting firm haysmacintyre LLP; and John Young, international counsel at Debevoise & Plimpton. This article outlines the key takeaways from the seminar. See “Travers Smith Attorney Simon Witney Forecasts the Effect of E.U. Regulatory Developments and the Impending Brexit on the U.K. PE Industry” (Nov. 17, 2020); and “Implications for Investment Managers of the New E.U. Investment Firm Prudential Regime” (Oct. 15, 2019).