ESMA Update: Cross-border distribution of investment funds

On 21 August 2025, the European Securities and Markets Authority (“ESMA”) published its updated overview of the cross-border distribution of investment funds in the European Economic Area (“EEA”).

In accordance with Article 5 and Article 6 of Regulation (EU) 2019/1156 on the facilitation of cross-border distribution of collective investment undertakings, national competent authorities are required to publish and maintain on their websites up-to-date and complete information on the applicable national laws, regulations and administrative provisions governing marketing requirements for Alternative Investment Funds (“AIFs”) and Undertaking for Collective Investment Schemes (“UCITS”), as well as summaries thereof. Additionally, the competent authorities must publish and maintain up-to-date lists of the fees and charges applicable to fund managers engaged in cross-border activities.

ESMA is required to publish on its website hyperlinks to these websites where the relevant information can be found, along with summaries of these rules. The updated publication of the summaries can be found here: ESMA34-45-1576 Cross-border distribution of investment funds.

This document is a helpful resource for fund managers distributing UCITS and AIFs on a cross-border basis in the EEA.

If you have any further questions about the cross-border distribution of investment funds, Zeidler’s team is here to help. Contact us.