The European Securities and Markets Authority (ESMA) has published its final report (ESMA34-45-1244) on guidelines for funds’ marketing communications under Article 4 of the Regulation on cross-border distribution of collective investment undertakings ((EU) 2019/1156).
The aim of the guidelines is to specify the requirements for marketing communications sent to investors to promote undertakings for the collective investments in transferable securities (UCITS) and alternative investment funds (AIFs), including European social entrepreneurship funds (EuSEFs), European venture capital funds (EuVECAs) and European long-term investment funds (ELTIFs).
The guidelines note that among other things, marketing communications must be identifiable as such and contain clear, fair and not misleading information, taking into account the online aspects of marketing communications.
The final guidelines are set out in Annex IV of the report and will be translated and published on ESMA’s website. They will apply six months after the date of the publication of the translations.
Final report: Guidelines on marketing communications under the Regulation on cross-border distribution of funds (EMSA34-45-1244)
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