DePub, Distribution, and Disclosures: What’s New for Fund Managers in Q4 2025 

As we enter the final quarter of 2025, the regulatory landscape for cross-border fund distribution continues to evolve at pace. For fund managers, the challenge is not only to keep up with new rules but also to anticipate how different jurisdictions are adapting their oversight of marketing, registration, and investor protection. 

That’s why we update our Global Knowledge Hub (GKH) every month with the latest regulatory insights. For September, the GKH platform has been expanded with key updates and new resources designed to provide clarity where regulations are most complex. From Italy’s launch of a new marketing material submission platform to tightened guidance in Israel and expanded distribution opportunities in Saudi Arabia, the latest content reflects the practical realities that managers are navigating right now. 

A Smarter Way to Tackle Common Questions 

We have launched a new, improved General Q&A resource section within GKH, designed to address the most frequent fund-related queries on: 

• Fund registrations and de-registrations 

• Required fund documents for UCITS and AIFs 

• Reverse solicitation considerations across EEA jurisdictions 

The Global Knowledge Hub provides practical insights into navigating regulatory nuances for fund managers, such as Italy’s new DePub platform for fund advertising and marketing submissions. By mapping the transition to DePub, which is operational from September 1, 2025, with a grace period until year-end, the GKH helps asset management teams oversee their regulatory obligations.  

Spotlight on Jurisdictional Developments 

Italy:  

Effective 1 September 2025, the Italian Regulator (“CONSOB”) has introduced new requirements for the submission of marketing materials for UCITS, including ETFs, to the DePub platform. While the platform is already in force, firms can continue submitting marketing material via e-mail until 31 December 2025, allowing for a smoother transition. 

Saudi Arabia:  

Amendments to the Investment Funds Regulations have broadened opportunities for foreign funds. With CMA-licensed firms now able to conduct investment management activities and distribute foreign funds, managers gain new flexibility in choosing partners in the KSA market. 

New Zealand:  

Private Placement guidance now reflects recent legislative changes, with expanded Anti-Money Laundering obligations for managers deemed to be carrying on business in New Zealand. Compliance here is not optional, it’s essential for continued market access. 

Israel:  

The ISA has published new guidance and opinions clarifying what can and cannot be included in pre-marketing communications and rules on private placement. Fund publications must avoid investment policy details, benchmarks, and liquidity terms.  

Stay Compliant with Real-Time Regulatory Intelligence 

Regulatory changes like these are more than just legal updates. They shape how and where investment funds can be marketed, the costs of compliance, and the speed of market entry. Staying aligned with updates in real time helps managers avoid costly missteps, and that’s where the GKH comes in. 

Our platform provides expert-curated guidance across 80+ jurisdictions, covering registrations, de-registrations, pre-marketing, marketing, and ongoing obligations. Backed by our international team of lawyers and regulatory experts, GKH combines practical insights, structured resources, and direct access to legal expertise, all on a fixed-fee basis. 

Stay Ahead of Change 

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