Global Fund Distribution Updates June 2026: UK CCI, Liechtenstein UCITS Notifications and Italy Regulatory Updates 

As global fund distribution frameworks continue to evolve, regulators are refining disclosure requirements, streamlining notification procedures and enhancing regulatory reporting obligations across multiple jurisdictions. For investment managers operating internationally, keeping pace with these developments remains essential for maintaining compliant and efficient cross-border distribution strategies. 

In our June edition, our team of lawyers and regulatory experts highlight regulatory developments across the UK, Liechtenstein and Italy, which are now reflected in our Global Knowledge Hub (“GKH”). GKH provides consolidated regulatory intelligence, practical guidance and continuously updated legal and compliance content across more than 80 jurisdictions worldwide. 

UK – Consumer Composite Investments (“CCI”) Regime 

The UK Consumer Composite Investments (“CCI“) regime replaces the UK PRIIPs framework and introduces a new disclosure regime for retail investment products offered in the United Kingdom. The Consumer Composite Investments Regime (“CCI Regime”) is a new UK regulatory framework introduced by the Financial Conduct Authority (“FCA”) in order to replace the existing UK Packaged Retail and Insurance-based Investment Products (“UK PRIIPs”) regime and certain UCITS disclosure requirements. 

The regime forms part of a broader reform of the UK’s new investor-disclosure requirements for retail products following the UK’s withdrawal from the European Union (“EU”). In this context, the FCA has chosen to design a domestic regime which addresses shortcomings identified by the FCA in the EU PRIIPs and UCITS frameworks. 

To support firms preparing for the implementation of the new framework, we have published a dedicated Q&A addressing many of the key questions arising under the CCI regime. 

The Q&A covers, amongst other things: 

• The scope of the CCI regime,  

• Disclosure requirements, 

• The preparation and maintenance of the Product Summary document, and 

• The respective responsibilities of manufacturers and distributors.  

The new guidance provides practical assistance for firms seeking to understand their obligations under the UK’s new retail disclosure framework and complements our wider Insights analysing the CCI regime. 

These are the critical dates with regard to the CCI regime: 

• 6 April 2026: Optional transition period begins. From this date, manufacturers may choose to adopt the CCI Product Summary or all of their products, or continue with existing PRIIPs KID/ UCITS KIID disclosures. 

• 7 May 2026: Further Glossary amendments take effect 

• 8 June 2027: Full mandatory compliance date. All in-scope products must comply with the CCI regime.  

 Liechtenstein – Article 32 AIFMD and UCITS 

The Financial Market Authority Liechtenstein (“FMA“) has published updated versions of its guidance (FMA IGuidance 2017/4 relating to the UCITS notification procedure and its guidance (Guidance 2021/19) concerning the cross-border distribution of EEA AIFs in Liechtenstein. 

The revised guidance changes the fee payment process for cross-border EEA UCITS and EEA AIF notifications. 

From 1 April 2026, notification fees are no longer payable in advance for cross-border EEA UCITS or EEA AIF notifications for marketing in Liechtenstein. 

Instead: 

• Proof of payment is no longer required as part of the notification package.  

• The FMA will issue an invoice directly to the contact specified in the notification letter for any applicable regulatory fees or charges.  

This revised process simplifies the notification procedure by removing the requirement to arrange payment before submitting the notification. 

Italy – UCITS Annual Fee Reporting 

CONSOB has updated its procedure for the bi-annual submission of fund data used to calculate annual regulatory fees. 

From September 2026, firms will be required to provide the Legal Entity Identifier (“LEI”) for each sub-fund when submitting fee information. This will enable users to validate LEI codes through the Global Legal Entity Identifier Foundation (“GLEIF“) records. 

The OICRWeb system became available from 15 June 2026, allowing firms to update fund-related information, including LEI codes, ahead of the next reporting cycle. 

Preliminary fee reports may be submitted from 1 October 2026. 

The reporting deadlines remain: 

• 16 October – Fee information as at 30 September of the same year.  

• 15 January – Fee information as at 31 December of the previous year.  

Investment managers distributing UCITS in Italy should ensure that fund information, including LEI codes, is reviewed and updated in advance of these reporting deadlines. 

Outlook 

These developments reflect the continued evolution of global fund distribution frameworks, with regulators placing increased emphasis on improving investor disclosures, streamlining administrative processes and enhancing regulatory reporting requirements. 

For investment managers, maintaining visibility over these changes remains essential for ensuring compliance, reducing operational risk and adapting international distribution strategies efficiently. 

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