ESMA Final Report - Guidelines on marketing communications under the Regulation on cross-border distribution of Funds
06 May 2025 _ Regulatory & compliance
Regulation (EU) 2019/1156 of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings (the “Regulation”) specifies that AIFMs, EuVECA managers, EuSEF managers and UCITS Management Companies shall ensure that marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF or units of a UCITS in an equally prominent manner, and that all information included in marketing communications is fair, clear and not misleading. The Regulation provides that ESMA shall develop guidelines on the application of these requirements for marketing communications, considering the on-line aspects of such marketing communications.
This Final Report provides an overview of the feedback received through the public consultation and explains how ESMA took this feedback into account. It also contains the final set of Guidelines on marketing communications.
The Guidelines contained in Annex IV of this Final Report will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which NCAs must notify ESMA whether they comply or intend to comply with the Guidelines. These Guidelines will apply 6 months after the date of the publication of the guidelines on ESMA’s website in all EU official languages.
Here the Final Report
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