International fund managers operating across multiple jurisdictions are facing a fresh wave of regulatory updates, with Saudi Arabia, Guernsey and Italy all implementing notable changes to their fund distribution frameworks in early 2026. For investment managers running cross-border strategies, keeping pace with these developments is critical for both market access and cost management.
Zeidler Group, which offers compliance software for funds law, recently delved into the regulatory updates to watch in March.
In Saudi Arabia, the CMA has broadened the categories of entities permitted to distribute fund units following the introduction of two new Federal Decree Laws governing capital markets regulation, which came into force in January 2026. Under Article 17(f) of the Investment Fund Regulations, Investment Fund Management Distribution Platforms and Electronic Money Institutions licensed by the Saudi Central Bank are now authorised to distribute investment fund units — a meaningful expansion of existing distribution channels.
Guernsey has also made amendments to the legal framework governing foreign funds offered within its jurisdiction, including updated guidance on the application of the Designated Jurisdiction exemption, providing greater clarity for fund managers marketing overseas products locally. Alongside these legal changes, the Guernsey Financial Services Commission revised its fee schedule from 1 January 2026. The Form EX application fee has risen from £1,470 to £1,525, while the annual fee for Exempt Non-Guernsey Schemes has increased from £735 to £765.
In Italy, Consob has updated its regulatory fee structure for foreign investment funds from the start of 2026. Under resolution No. 23799 of 17 December 2025, fees for both foreign UCITS and AIFs have been harmonised at €2,100 per registered fund or sub-fund. Fund managers should note that UCITS fees remain payable even where the offer has closed, provided Italian investors remain invested.
Beyond these jurisdictional updates, RegTech firm Zeidler Group has expanded its Global Knowledge Hub platform to address the growing European ETF market, adding new guidance on ETF listings across Ireland’s Euronext Dublin, Germany’s Deutsche Börse and Switzerland’s SIX Swiss Exchange. The platform now covers more than 80 jurisdictions and is maintained by Zeidler’s in-house legal and regulatory specialists, helping fund managers navigate complex cross-border distribution strategies.
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