Cross-Border Fund Distribution: New Rules, Fees, and Compliance Trends 

As we move into the final stretch of 2025, the regulatory landscape for cross-border fund distribution continues to evolve at pace. For fund managers, staying ahead of regulatory changes is key to maintaining compliance, managing costs, and ensuring efficient market access. 

That is why our Global Knowledge Hub (“GKH”) is updated monthly with the latest legal and regulatory insights specific to the investment management industry.  

The latest updates, now live on the platform, capture important developments across Europe and Latin America, including revised fees, procedural simplifications, and new investment restrictions. 

Spotlight on Jurisdictional Developments 

Jersey – Private Placement 

The Jersey Regulator has published the 2026 fee schedule. From 2026, the annual fee for an application for a public offering in Jersey will be GBP 703. 

Norway – UCITS and AIFs 

The Norwegian Regulator has removed notification fees for UCITS and AIFs under Article 32 AIFMD, effective 30 September 2025. 

• No fees now apply for UCITS notifications made under Article 93 of the UCITS Directive, or for AIFs and ELTIFs marketed under EEA passporting rules (Article 32 AIFMD). 

• Applications involving non-EEA AIFs remain subject to notification fees:
   

• Non-EEA AIFMs marketing to professional investors (Article 42 AIFMD): NOK 15,000
   

• Non-Norwegian EEA AIFMs marketing non-EEA AIFs or feeder AIFs (Article 36 AIFMD): NOK 8,000
   

Non-Norwegian AIFMs authorised as of 31 December may also be charged an annual fee of up to NOK 10,000. 

Poland – UCITS Notifications 

Following recent regulatory confirmation, the marketing memorandum and Additional Investor Information Document (“AIID”) are no longer required as part of the Article 93 UCITS Directive notification process. This change simplifies UCITS cross-border submissions and reduces administrative requirements and costs for managers marketing into Poland. 

Chile – Registration and Investment Rules 

The CCR has issued Resolutions No. 60 and No. 61, introducing key amendments to the approval process for foreign instruments: 

• Resolution No. 60: Investment Funds must have at least five unrelated investors, with no single investor (or related funds) holding more than 35%. For Mutual Funds, the cap is 25%, except in limited cases which are approved by the CCR.  

• Resolution No. 61: At least 80% of an Investment Fund’s portfolio must be invested in regulated market instruments, with exposure to unapproved private equity or private debt vehicles limited to 5%. 

These changes are reflected under the section Application for Offering to Pension Funds and AFPs/AFCs. 

Staying Ahead of Regulatory Change 

These regulatory developments highlight the importance to continuously monitor the regulatory requirements when managing cross-border fund distribution. From fee structures to marketing documentation, each adjustment can influence both compliance strategy and market entry timelines. 

The Global Knowledge Hub provides continuously updated, expert-curated guidance across 80+ jurisdictions, enabling fund managers to translate evolving regulations into clear, actionable compliance steps. 

For subscribers, the latest updates are now live and accessible.  

Not yet subscribed? Contact us today to explore how the Global Knowledge Hub can support your cross-border fund distribution strategy.