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Regulation on the cross-border distribution of CIS: ESMA guidelines for marketing communications
The European Securities and Markets Authority (ESMA) has published the official translations (select the "i" for languages other than English) of its guidelines on marketing communications under the Regulation on the cross-border distribution of funds. ESMA published a final report on the guidelines in May 2021.
The aim of the guidelines is to specify the requirements for marketing communications set out in Article 4(1) of the Regulation. In particular, they:
- establish common principles on the identification of marketing communications;
- the description of risks and rewards of purchasing units or shares of an alternative investment fund or units of a UCITS in an equally prominent manner; and
- the fair, clear and not misleading character of marketing communications, taking into account online aspects of such marketing communications.
The guidelines do not replace existing national requirements on the information to be included in marketing communications (such as those relating to the fiscal treatment of the investment in the promoted fund) to the extent these are compatible with any existing harmonised EU rules
The guidelines will apply from February 2022 (that is, six months after the date of the publication of the translations).
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Authored by Yvonne Clapham