FS+ Country Updates – July 2026

• EU: Luxembourg’s regulator has highlighted valuation framework expectations for less liquid and illiquid assets, while ESMA has reported ongoing compliance gaps in cross-border fund marketing, including marketing communications and sustainability-related claims.

• Europe: Bulgaria is progressing AIFMD II implementation and pension fund reforms, Croatia has adopted updates affecting AIF and UCITS operations, and Estonia has amended its Investment Funds Act while adopting MiCAR knowledge and competence guidelines.

• Ireland and Malta: Ireland has updated its approach to open-ended loan-originating AIFs and the UCITS framework, while Malta has amended fund marketing and passporting rules as part of AIFMD II and UCITS VI implementation.

• Guernsey and Jersey: Guernsey developments include sustainable funds, digital finance and the Fund Foundry initiative, while Jersey has expanded recognised exchanges and markets for listed funds and consulted on LLC guidance.

• UK: The FCA and HM Treasury are consulting on a new UK AIFM framework, with proposals retaining the National Private Placement Regime as the main route for marketing overseas AIFs into the UK.

• Canada: Canadian regulators have published amendments affecting mutual fund distribution, disclosure, trading fee caps, tick-size requirements and electronic access to certain disclosure documents.

• India, Singapore and Taiwan: Updates include SEBI proposals on AIF investor consent and conflicted transactions, Singapore’s new single family office exemption framework, and Taiwan’s Virtual Asset Service Act.

…and much more.

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