ESMA Consults on Guidelines for Marketing Communications for Cross Border Distributions of AIFs
Published 5 January 2021
Category: AIFs
ESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation. The purpose of the guidelines is to specify the requirements for marketing communications sent to investors when promoting i.a. AIFs, including EuSEF, EuVECA and ELTIF funds. These requirements are that the material shall:
- Be identifiable as marketing material
- Describe the risks and rewards of purchasing shares of an AIF in an equally prominent manner
- Contain information which is fair, clear and not misleading
Learn more about the regulation on cross-border distribution in our update here.
What’s next: The consultation deadline is 8 February 2021, and ESMA plans to issue the final guidelines by 2 August 2021.
Tags: AIFMD
Also tagged ‘AIFMD’
Danish implementation of AIFMD II adopted
On 11 June 2025, the Danish Parliament adopted the bill (L 193B) for implementing the AIFM Directive II into Danish law.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementProposal on Danish implementation of AIFMD II
On 9 April 2025, the Danish Government presented a proposal for amendments in the Danish financial regulation, including the Danish Alternative Investment Fund Managers (“AIFM”) Act.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementThe Danish Financial Supervisory Authority publishes guiding statement on alternative investment fund managers’ inclusion of leverage in unlisted companies and issuers
On 17 December 2024, the Danish Financial Supervisory Authority (Danish FSA) published a guiding statement regarding the inclusion of leverage by alternative investment fund managers (AIFMs) in unlisted companies and issuers.
AIFMDDanish RegulationESMAThe Danish FSAESMA Initiates Data Collection on Investment Costs for AIFs and UCITS
On 14 November 2024, the European Securities and Markets Authority (“ESMA”) announced that ESMA, together with the national competent authorities, has launched a comprehensive data collection exercise focusing on the costs linked to investments in Alternative Investment Funds (“AIFs”) and Undertakings for the Collective Investment in Transferable Securities (“UCITS”).
AIFMDESMAAIFMD 2.0 published in the OJEU
On 26 March 2024, directive 2024/927 amending the directives 2011/61/EU (AIFMD) and 2009/65/EC (UCITSD), also known as AIFMD 2.0, has been published in the EU Official Journal.
AIFMDRisk ManagementAuthorised AIFMs’ Integration of Sustainability Factors and Risks Applies from 1 August 2022
Authorized AIFMs shall from 1 August 2022 ensure that their systems, processes, and internal controls reflect relevant sustainability risks as defined in the SFDR.
AIFMDComplianceDisclosure RequirementsSustainabilityFinal Regulatory Technical Standards for SFDR and Taxonomy Regulation are Published
The RTS will define the new standard for sustainability-related disclosures in the financial services sector in the EU and supplements provisions of the SFDR and of the Taxonomy Regulation.
AIFMDComplianceDisclosure RequirementsSustainabilityInvest Europe to set ESG Reporting Standards
In November 2021, Invest Europe released its Climate Ambition in which the association committed to contribute to the EU becoming climate-neutral by 2050 and pledged to help the P/E and VC industry move towards net zero.
AIFMDComplianceDisclosure RequirementsSustainabilityThe European Commission’s AIFMD Review is Out
On 25 November 2021, the European Commission published its long-awaited proposal to amend the AIFMD as part of a new Capital Markets Union (CMU) legislative package.
AIFMDAIFMD reviewThe Danish FSA: Significant Room for Improvement for SFDR Disclosures
The Danish FSA has assessed the quality of 4 pension companies and eight credit institutions' website disclosures with regards to information about their policies on the integration of sustainability risks in the investment decision-making process.
AIFMDComplianceDisclosure RequirementsSustainabilityDanish FSA Clarifies New Pre-Marketing Rules
The pre-marketing rules provided by the Cross Border Directive was transposed into Danish law on 1 July 2021.
AIFMDCross-BorderPre-MarketingApplication of SFDR Level 2 Obligations Delayed (Again)
The European Commission has once again delayed the application of the level 2 obligations of the Sustainable Finance Disclosure Regulation (SFDR) until January 2023.
AIFMDComplianceDisclosure RequirementsSustainabilityNew Rules Preclude Sub-Threshold Fund Managers and Semi-Professional Investors from Pre-Marketing
On 1 July 2021, new rules governing pre-marketing activities of managers of alternative investment funds entered into force in Denmark. The new legislation incorporates the pre-marketing definition and requirements of the Cross-Border Directive into Danish law.
AIFMDCross-BorderPre-MarketingNew Pre-Marketing Regime has been Transposed into Danish law
The new pre-marketing regime provided by the Cross-Border Directive has by 1 July 2021 been transposed into Danish law.
AIFMDCross-BorderPre-MarketingEuropean Commission has Launched a Public Consultation on a Retail Investment Strategy
On 11 May 2021, the European Commission launched a public consultation on a retail investment strategy for Europe.
AIFMDMarketingPre-MarketingRetail InvestorsESA Publishes Joint Supervisory Statement on the Interpretation on Fund Managers’ ESG Disclosure Obligations
From 10 March 2021, fund managers are required to make certain ESG disclosures available on their website and in their pre-contractual disclosures to investors.
AIFMDComplianceDisclosure RequirementsSustainabilityNew Requirements to Marketing of Non-EU AIFS in Denmark
EU and non-EU AIFMs submitting an application for marketing of non-EU AIFs to professional investors in Denmark will be subject to new requirements. The Danish FSA has issued a new Executive Order, which enters into force on 1 January 2021.
AIFMDThe European Commission Publishes Consultation on the Review of the AIFMD
On 22 October 2020, the European Commission published its consultation on the review of the AIFMD seeking the views from stakeholders on how to achieve a more effective and efficient functioning of the European AIF market.
AIFMDAIFMD reviewConsultation on EU Rules for Long-Term Investment Funds
On 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.
AIFMDAIFMD reviewEU Commission Completes Consultation on EU Green Bond Standard
The Commission has completed a public consultation on the proposal for a EU Green Bond Standard. The consultation proposes to use the EU Taxonomy to define green bonds.
AIFMDSustainabilityESMA Publishes Letter to the European Commission on the AIFMD Review
On 19 August 2020, ESMA published a letter to the Commission, outlining areas it should consider during the forthcoming review of the AIFMD.
AIFMDAIFMD reviewESMAESA Consults on Fund Managers’ ESG Disclosure Obligations
The European Supervisory Authorities (ESA) has published draft technical standards setting out detailed rules on i.a. fund managers’ obligations under the ESG Disclosure Regulation.
AIFMDComplianceDisclosure RequirementsSustainabilityPre-marketing of AIFs and EuVECA Funds
Following the recent amendments to the AIFM Directive (“AIFMD”) and the EuVECA Regulation, this article discusses the new rules on pre-marketing covering both AIF and EuVECA Funds.
AIFMDCross-BorderPre-MarketingThe EU Technical Expert Group on Sustainable Finance publishes their Taxonomy Technical Report
The report is part of the EU Commission’s overall effort to create a unified standard for sustainable economic activities in the European Union, which is expected to significantly impact the private equity and venture capital industry.
AIFMDDisclosure RequirementsGovernanceMarketingNew Directive to Amend AIFMD has been Adopted
On 14 June 2019 the Council adopted the new directive amending i.a. the Alternative Investment Fund Managers Directive (AIFMD).
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalEU Parliament Approves Final Compromise to Amend AIFMD
Highlights include a definition of pre-marketing, rules on de-notification in countries with no investor interests and rules on facilities made available to retail investors.
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsESMA Submits Report on Sustainability Risks and Factors in the AIFMD and UCITS Directive
On 30 April 2019, the European Securities and Markets Authority (ESMA) published its final report on integrating sustainability risks and factors relating to environmental, social and good governance considerations in the AIFMD and UCITS Directive.
AIFMDESMAGovernanceRegulatory Technical StandardsRisk ManagementSustainabilityCross-Border Distribution of Collective Investments Undertakings
On 16 April 2019, the European Parliament adopted the European Commission's initiatives to improve the efficiency of cross-border distribution of Alternative Investment Funds (AIFs) and EuVECA funds by increasing transparency and harmonising diverging national rules.
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalCommision Releases Report on the Operation of AIFMD
The report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.
AIFMDAIFMD reviewOther updates
ESMA Report: Improvements needed in the supervision of sustainability risks and disclosures
The report presents ESMA’s analysis and key findings from the CSA, along with its overall assessment of market participants’ adherence to applicable rules and standards.
ESMASFDRSustainabilityDanish implementation of AIFMD II adopted
On 11 June 2025, the Danish Parliament adopted the bill (L 193B) for implementing the AIFM Directive II into Danish law.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementProposal on Danish implementation of AIFMD II
On 9 April 2025, the Danish Government presented a proposal for amendments in the Danish financial regulation, including the Danish Alternative Investment Fund Managers (“AIFM”) Act.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementMain recommendations from the report on advancing sustainable finance
The work performed by the Platform on Sustainable Finance has focused on developing technical criteria for new economic activities and reviewing activities included in the Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852.
SustainabilityThematic review of engagement information
The Danish Financial Supervisory Authority (the “DFSA”) has conducted a thematic review of six pension companies and investment managers and their engagement information (active ownership).
SFDRSustainabilityAn update on the stop-the-clock proposal and the ESRS simplification mandate
On 29 April 2025, a majority of the Danish Parliament agreed on the “stop-the-clock” directive which will go to a formal vote in the fall to adopt the proposal into Danish legislation.
CSDDDCSRDSustainability