Regulators across Europe are reshaping how funds are distributed across borders, tightening disclosure standards while trimming administrative friction, according to Zeidler’s June regulatory roundup.
The law firm’s latest update, drawn from its Global Knowledge Hub covering more than 80 jurisdictions, flags significant RegTech-relevant changes in the UK, Liechtenstein and Italy that international investment managers cannot afford to overlook.
UK ushers in the CCI era
The headline development, Zeidler notes, is the UK’s Consumer Composite Investments (CCI) regime, the Financial Conduct Authority’s replacement for the UK PRIIPs framework and certain UCITS disclosure rules. The overhaul stems from the UK’s post-Brexit push to build a domestic disclosure framework for retail investment products, one the FCA believes fixes weaknesses it identified in the EU’s PRIIPs and UCITS approaches.
The timeline matters. An optional transition window opened on 6 April 2026, letting manufacturers adopt the new CCI Product Summary or stick with existing PRIIPs KID or UCITS KIID documents for now. Further glossary amendments took effect on 7 May 2026, and full mandatory compliance arrives on 8 June 2027, by which point all in-scope products must comply.
To help firms prepare, Zeidler has published a dedicated Q&A tackling the regime’s scope, disclosure requirements, the preparation and upkeep of the Product Summary document, and the split of responsibilities between manufacturers and distributors.
Liechtenstein simplifies notifications
Meanwhile, Liechtenstein’s Financial Market Authority (FMA) has revised its guidance on UCITS notifications and the cross-border distribution of EEA AIFs. From 1 April 2026, notification fees for cross-border EEA UCITS and EEA AIF marketing notifications no longer need to be paid upfront. Proof of payment has been dropped from the notification package, with the FMA instead invoicing the contact named in the notification letter directly, removing a procedural hurdle for managers entering the market.
Italy tightens fee reporting
In Italy, CONSOB has updated its bi-annual fund data submission process used to calculate annual regulatory fees. From September 2026, firms must supply the Legal Entity Identifier (LEI) for each sub-fund, enabling validation against GLEIF records. The OICRWeb system opened on 15 June 2026 for firms to refresh fund data, with preliminary fee reports accepted from 1 October 2026. Deadlines remain 16 October and 15 January.
Zeidler stresses that staying on top of these shifts is vital for managers seeking to cut operational risk and keep cross-border distribution strategies compliant and efficient.
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