- within Media, Telecoms, IT, Entertainment, Accounting and Audit and Privacy topic(s)
- with readers working within the Chemicals industries
Introduction
Welcome to the Q3 2025 edition of the Global Registration Services Market Update, brought to you by the Maples Group. This briefing covers the period from July to September 2025 and provides an overview of the latest regulatory changes and fee adjustments affecting the cross-border distribution of investment funds.
Key updates from multiple jurisdictions including the removal of the requirement to produce a listing document and the introduction of the DePub portal for Italy and the removal of application and annual fees for passported funds in Norway detailed below along with more updates across Europe, Middle East and Asia Pacific are highlighted, with important topics flagged for your attention.
Our aim is to keep you informed of the evolving regulatory landscape related to the cross-border marketing of funds to ensure your compliance and strategic planning are well-supported. We trust you will find this update insightful and beneficial for your ongoing operations.
How the Maples Group Can Help
The Maples Group's Global Registration Services is integrated within our Funds & Investment Management Group and provides cross-border fund registration services in all key distribution markets. Our core services provide support throughout the distribution chain to include market intelligence, market entry (through private placement or public offering) and maintenance of ongoing reporting and filing obligations.
Further Information
Should you require any further information or assistance in relation to marketing your fund products on a cross-border basis, please visit our dedicated webpage or contact the following or any member of the Maples Group GRS team
Contacts
Dublin
Emma Conaty
Head of Global Registration Services
emma.conaty@maples.com
Acknowledgements
We greatly acknowledge the contribution of Clare McIntyre to this
quarter's update.
Q3 2025 Updates
Europe
Launch of Euronext ETF Europe Platform
In September 2025, Euronext introduced Euronext ETF Europe, a fully integrated marketplace designed to unify the fragmented European ETF and ETP landscape. The initiative centres on a single listing and a consolidated order book, with a streamlined post-trade chain, to bring liquidity together on exchange. By concentrating trading activity, Euronext aims to improve price formation, tighten spreads, deepen order books, and enhance transparency for market participants.
Issuers can access Euronext's entire distribution footprint with one listing, reducing the operational and cost burden of multi-venue listings while broadening product visibility. Trading members and market makers should see simplified cross-market access and more efficient execution due to consolidated liquidity. End investors are expected to gain clearer price discovery and easier cross-border access to a wider range of ETFs, consistent with the objectives of the EU Capital Markets Union.
The new platform has been broadly welcomed, however some market participants have voiced concerns over settlement arrangements. They argue Europe's International Central Securities Depository (ICSD) model has reduced fragmentation over the past decade by centralising settlement, cutting realignment activity and settlement failures, and streamlining primary market creation and redemption and they fear that Euronext defaulting secondary-market settlement to Euronext Securities Milan from September 2026 could limit post-trade choice and increase costs for end investors. Euronext dispute these concerns and are confident that the model will enhance efficiency, deliver netting benefits, and lower settlement fails potential for better execution quality, broader product availability, and a more streamlined operational workflow across European jurisdictions
We will continue to monitor developments and provide updates as further information becomes available.
ESMA Publishes Summary of Cross-border Distribution of Investment Funds
On 21 August 2025, ESMA published an updated summary of EU member state provisions regarding marketing requirements for UCITS and AIFs in accordance with ESMA's obligations under the Cross-Border Distribution of Funds Regulation.
The document provides summaries of the provisions of each member state and also includes links to each member state regulators website containing information on the applicable national laws, regulations and administrative provisions governing marketing requirements as well as information on the fees and charges levied.
Italy
CONSOB Removes Obligation to Produce Listing Document
On 7 October 2025, CONSOB announced that, in accordance with Resolution No. 23683 of 1 October 2025, the obligation for UCITS ETFs and reserved open-ended alternative investment funds (AIFs) managed by European entities in Italy to prepare and publish a listing document (Documento per la Quotazione) has been eliminated.
This measure reflects the outcome of the market consultation, which concluded on 12 July 2025, where the majority of respondents expressed support for streamlining the listing process for investment funds in Italy.
The resolution was published on 9 October 2025 in the Official Gazette no. 235 and came into force on the day following its publication. It will be applicable to listing applications already underway as of that date.
CONSOB Introduction of DePub Platform
On 1 September 2025, CONSOB launched their DePub platform for the submission of advertising and marketing materials for funds offered to retail investors in Italy.
The Platform is designed to centralise and streamline the supervision of advertising and marketing materials addressed to Italian retail investors and will fully replace the current PEC-based process from 1 January 2026.
For more detailed information, please see our recently published article:Overview of CONSOB's DePub Platform: New Requirements for Marketing Materials Submission in in Italy
Jersey
Enhancements to the Jersey Private Fund Regime
On 23 July 2025, the Jersey Financial Services Commission (JFSC) published key enhancements to the Jersey Private Fund ("JPF") Guide, designed to strengthen the framework and ensure it continues to align with the needs of international professional investors.
From 06 August 2025 the following changes will come into effect:
- lifting of the "50 or Fewer" cap
- expansion the definition of professional investor
- listing of interests in JPFs with the JFSC's consent will be permitted
- introduction of a 24-hour authorisation process for JPF applications submitted by registered Designated Service Providers
The JPF Guide can be accessed on the JFSC website
To view the full article click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
