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.
Zeidler Group, which offers compliance software for funds law, recently delved into the regulatory updates to watch in March.
Saudi Arabia opens distribution to new entity types
In Saudi Arabia, the Capital Markets Authority (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 significant expansion of existing distribution channels that could open the market to a wider range of fintech-enabled intermediaries, Zeidler explained.
Guernsey revises private placement exemption and raises fees
Guernsey has also made amendments to the legal framework governing foreign funds offered within its jurisdiction. The revisions include updated guidance on the application of the Designated Jurisdiction exemption, providing greater clarity for fund managers seeking to market overseas products locally. Alongside these legal changes, the Guernsey Financial Services Commission has revised its fee schedule with effect 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.
Italy harmonises fees for UCITS and AIFs
In Italy, the Commissione Nazionale per le Società e la Borsa (Consob) has updated its regulatory fee structure for foreign investment funds from the start of 2026. Under resolution No. 23799, dated 17 December 2025, fees for both foreign UCITS and alternative investment funds (AIFs) have been set at €2,100 per registered fund or sub-fund — marking a harmonisation between the two fund types.
ETF listings in Europe gain new coverage
Beyond these jurisdictional updates, RegTech firm Zeidler Group has expanded the coverage of its Global Knowledge Hub (GKH) platform to address the growing European ETF market. New guidance has been added covering the general process for listing securities on a stock exchange, with a particular focus on ETF listings across Ireland’s Euronext Dublin, Germany’s Deutsche Börse, and Switzerland’s SIX Swiss Exchange. The platform now spans more than 80 jurisdictions and is maintained by Zeidler’s in-house legal and regulatory specialists.
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