Regulators across major financial markets are continuing to refine how foreign firms can access domestic investors, signalling a clear shift towards tighter oversight alongside more clearly defined entry routes.
Zeidler Group, which offers compliance tools for investment funds law, recently delved into the key regulatory shifts to watch.
Recent developments in Europe and Australia illustrate how market access, supervisory expectations and reporting obligations are becoming more structured, leaving little room for ambiguity, it said. For fund managers and investment firms operating across borders, these changes are no longer peripheral considerations but central pillars of any sustainable distribution and compliance strategy.
Against this backdrop, regulatory intelligence platforms are playing a growing role in helping firms interpret and operationalise complex rulebooks. For Zeidler Group, monitoring these types of regulatory developments sits at the core of its Global Knowledge Hub (GKH), which tracks legal and regulatory change across multiple jurisdictions.
The Global Knowledge Hub continues to expand its jurisdictional coverage, reflecting the pace at which regulatory frameworks evolve.
In Italy, recent guidance highlights the growing importance of choosing the correct route for providing investment services. Firms looking to offer investment services or products into the Italian market must carefully evaluate whether cross-border activity is permitted or whether the establishment of a local branch is required. This distinction carries significant supervisory and operational implications, influencing capital requirements, governance structures and ongoing reporting obligations, Zeidler said. Practical guidance within the Global Knowledge Hub outlines the conditions attached to each route, supporting firms in aligning their chosen model with regulatory expectations.
France has taken further steps to reinforce regulatory transparency and reporting discipline for non-domestic market participants. Oversight by the Autorité des Marchés Financiers continues to focus on structured data flows and visibility into foreign activity. In 2025, the regulator reinstated its GECO database, providing non-French firms with an online extranet for regulatory reporting and access to information on foreign funds authorised for distribution in France.
Outside Europe, Australia has opted for continuity, at least in the short term. The Australian regulator has confirmed that regulatory relief for foreign financial service providers will remain in place until 31 March 2027. Both sufficient equivalence relief and limited connection relief from Australian Financial Services Licence requirements have been extended, offering foreign firms ongoing flexibility while broader legislative reforms are considered.
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