Staying ahead of regulatory developments is crucial for fund managers navigating cross-border distribution. That’s why our team of investment fund lawyers and regulatory specialists have been working diligently to update the Global Knowledge Hub with the latest insights, helping our clients stay ahead of the regulatory curve.
As part of our ongoing commitment to keeping the Global Knowledge Hub practical, current, and comprehensive, we’ve made several key updates across multiple jurisdictions. These changes reflect regulatory amendments, the newest market practice, and updated regulatory fees relevant to investment fund managers distributing UCITS and AIFs internationally.
This month’s updates bring you important cross-jurisdictional regulatory updates affecting the structuring, registration, and distribution of investment funds. From Europe to Asia, regulators are reshaping their frameworks to reduce burdens and enhance cross-border investment flows.
Here’s what legal, compliance, and fund distribution professionals need to know.
From 1 April 2025, revised fees are payable to the Isle of Man Financial Services Authority to recognised collective investment schemes marketed into the jurisdiction, pursuant to the Collective Investment Scheme (Fees) Order 2023.
The Hellenic Capital Market Commission (“HCMC”) has removed the requirement to pay stamp duty on both fund registration and periodic fees. Please find the press release here. This is a welcome development for foreign fund managers marketing into Greece under Article 92 of the UCITS Directive (Directive 2009/65/EC) and AIFMD (Directive 2011/61/EU). This lowers the overall cost of distribution in Greece, particularly beneficial for managers of smaller UCITS or AIFs.
The Guernsey Financial Services Commission (“GFSC”) has updated its guidance for foreign funds distributed via private placement in Guernsey. Previously, foreign funds had to provide the GFSC with updated documentation, including offering memoranda, K(I)IDs, and shareholder notices.
The GFSC confirmed that these submission requirements are no longer mandatory, representing a significant reduction in compliance obligations.
This policy aligns with Guernsey’s Protection of Investors (Bailiwick of Guernsey) Law, 2020 and associated private placement exemptions.
The Securities and Futures Commission (“SFC”) of Hong Kong and the Central Bank of Ireland (“CBI”) signed a new Memorandum of Understanding (“MoU”). The MoU confirms a Mutual Recognition of Funds (“MRF”) arrangement between Hong Kong and Ireland. This new MRF arrangement means that eligible Irish-domiciled UCITS can now avail of the streamlined FASTrack processing regime to market in Hong Kong. The authorities initially signed a memorandum of understanding in 1997 to promote cooperation in supervising cross-border investment management activities. On 14 May 2025, they entered into a new memorandum focused on mutual recognition of investment funds and fund management companies. This updated agreement aims to strengthen regulatory cooperation regarding (i) collective investment schemes domiciled in either jurisdiction and offered to the public on a cross-border basis, and (ii) the oversight of fund management companies based in Hong Kong or Ireland.
Previously a pilot scheme, it is now a permanent pathway for “simple” UCITS funds. It allows quicker vetting for funds that (i) are low risk, (ii) have no complex derivatives exposure and (iii) comply with Hong Kong’s disclosure requirements
Due to the new MRF, Irish-domiciled UCITS funds may now access Hong Kong’s market through the FASTrack expedited approval process under the MRF.
At Zeidler, we understand how complex and fast-changing fund regulations can be. That’s why we created the Global Knowledge Hub, our proprietary web-based platform that delivers practical, up-to-date insights on UCITS and AIF registration and compliance across multiple jurisdictions.
GKH is designed to simplify cross-border fund distribution, offering guidance on:
With coverage across 80+ jurisdictions (and growing), GKH provides a fixed annual fee structure, flexible subscription plans, and expert support via phone and email, ensuring you stay ahead of regulatory changes without unnecessary complexity.
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