Cross-border fund distribution is entering a new phase of regulatory change, with the UK, Liechtenstein and Italy all revising disclosure, notification and reporting rules, according to Zeidler’s June update.
Zeidler’s team of lawyers and regulatory experts has reflected these developments in its Global Knowledge Hub (GKH), which delivers consolidated regulatory intelligence and continuously updated legal and compliance content across more than 80 jurisdictions.
UK: the CCI regime replaces PRIIPs
The most consequential change comes in the UK, where the Financial Conduct Authority (FCA) is rolling out the Consumer Composite Investments (CCI) regime. The framework replaces UK PRIIPs and certain UCITS disclosure requirements, forming part of the country’s post-Brexit reform of retail investor disclosures. The FCA has designed a domestic regime intended to fix shortcomings it identified in the EU PRIIPs and UCITS frameworks.
To help firms prepare, Zeidler has published a dedicated Q&A covering the scope of the CCI regime, disclosure requirements, the preparation and maintenance of the Product Summary document, and the respective responsibilities of manufacturers and distributors.
Key dates are looming. An optional transition period began on 6 April 2026, allowing manufacturers to adopt the CCI Product Summary or continue with existing PRIIPs KID or UCITS KIID disclosures. Further Glossary amendments took effect on 7 May 2026, while full mandatory compliance arrives on 8 June 2027, when all in-scope products must comply.
Liechtenstein: simpler notification fees
Liechtenstein’s Financial Market Authority (FMA) has updated its guidance on the UCITS notification procedure and the cross-border distribution of EEA AIFs. Since 1 April 2026, notification fees are no longer payable in advance for cross-border EEA UCITS or EEA AIF marketing notifications. Proof of payment is no longer required in the notification package, and the FMA now invoices the contact named in the notification letter directly, removing a layer of administrative friction.
Italy: LEI codes become mandatory
In Italy, CONSOB has revised its bi-annual fund data submission process used to calculate annual regulatory fees. From September 2026, firms must provide 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 update fund information, with preliminary fee reports accepted from 1 October 2026. Deadlines remain 16 October and 15 January.
Zeidler notes these developments underline regulators’ growing emphasis on stronger investor disclosures, streamlined administration and enhanced reporting, and that visibility over such changes is essential for reducing operational risk.
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