Cross-border fund distribution: Key regulatory updates for fund managers in May 2025

Navigating cross-border fund distribution requires constant vigilance, especially as regulatory landscapes continue to shift. In May 2025, a series of significant updates have been introduced to help fund managers, compliance officers and legal professionals stay compliant across key jurisdictions.

Zeidler’s Global Knowledge Hub (GKH), maintained by a team of fund lawyers and regulatory experts, has been refreshed to reflect these changes and support decision-making.

In the Isle of Man, revised regulatory fees came into effect on 1 April 2025. The changes apply to recognised collective investment schemes being marketed into the jurisdiction and follow the Collective Investment Scheme (Fees) Order 2023.

Meanwhile, Greece has made a notable move to improve cost-efficiency for foreign fund managers. The Hellenic Capital Market Commission (HCMC) has removed stamp duty requirements on both fund registration and periodic fees. This change is particularly welcome for UCITS and AIFs marketing under Article 92 of the UCITS Directive and the AIFMD, offering relief especially to smaller firms operating in the region.

Guernsey has also streamlined its compliance requirements, Zeidler said. The Guernsey Financial Services Commission (GFSC) announced that foreign funds distributed via private placement no longer need to submit updated fund documentation.

In Asia, a new Memorandum of Understanding (MoU) between the Hong Kong Securities and Futures Commission (SFC) and the Central Bank of Ireland (CBI) has introduced a Mutual Recognition of Funds (MRF) arrangement. As of 14 May 2025, Irish-domiciled UCITS funds can now benefit from Hong Kong’s streamlined FASTrack processing regime.

Zeidler’s Global Knowledge Hub continues to be a critical tool for navigating these developments. Designed to demystify regulatory change, the platform provides practical guidance on registration, compliance, marketing rules, and jurisdiction-specific regulations across more than 80 countries.

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