FS+ Country Updates – June 2026

• International: IOSCO has published updated recommendations on the valuation of collective investment schemes, reflecting increasing investment in private and illiquid assets, enhanced governance expectations and lessons from recent market volatility.

• EU: ESMA has outlined its priorities for the European asset management sector, including the development of an integrated fund reporting framework, fund tokenisation initiatives and proposed reforms to retail investor disclosures.

• Italy and Luxembourg: Both jurisdictions have implemented AIFMD II reforms, introducing new requirements affecting fund managers, distribution arrangements, liquidity management and alternative investment fund structures.

• UK: The Financial Conduct Authority is consulting on proposals that would allow certain authorised funds to invest in cryptoasset exchange traded notes for the first time, signalling a further step in the UK's evolving digital asset framework.

• Guernsey: Developments include proposed corporate tax reforms, updates to financial crime guidance supporting the use of digital technologies, and inclusion in the UK-Gulf Cooperation Council free trade agreement.

• Canada: The Ontario Securities Commission has issued its 2026 Risk Assessment Questionnaire and extended exempt distribution reporting relief for certain foreign securities offerings.

• Hong Kong: Chinese Mainland and Hong Kong regulators have introduced enhanced controls on cross-border securities, futures and fund activities, with new requirements for firms serving Mainland investors.

• India: SEBI has introduced a range of measures affecting alternative investment funds, fund wind-ups, placement memorandum approvals and foreign portfolio investment.

…and much more.

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