ESMA Consults on Guidelines for Marketing Communications for Cross Border Distributions of AIFs

Published 5 January 2021

PrintCategory: 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:

  1. Be identifiable as marketing material
  2. Describe the risks and rewards of purchasing shares of an AIF in an equally prominent manner
  3. 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’

22 Jun 2022Impact and ESGUpdates

Authorised 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 RequirementsSustainability
26 Apr 2022Impact and ESGUpdates

Final 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 RequirementsSustainability
24 Jan 2022Impact and ESGUpdates

Invest 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 RequirementsSustainability
4 Jan 2022AIFsArticles

The 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 review
15 Dec 2021AIFsFinancial RegulationImpact and ESGUpdates

The 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 RequirementsSustainability
6 Dec 2021AIFsEuVECAUpdates

Danish 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-Marketing
6 Dec 2021AIFsFinancial RegulationImpact and ESGUpdates

Application 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 RequirementsSustainability
2 Sep 2021AIFsArticlesEuVECA

New 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-Marketing
1 Jul 2021AIFsEuVECAUpdates

New 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-Marketing
14 Jun 2021AIFsInvestors RegulationUpdates

European 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 Investors
8 Mar 2021AIFsUpdates

ESA 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 RequirementsSustainability
4 Nov 2020AIFsUpdates

New 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.

AIFMD
27 Oct 2020AIFsUpdates

The 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 review
27 Oct 2020AIFsUpdates

Consultation 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 review
12 Oct 2020Financial RegulationImpact and ESG

EU 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.

AIFMDSustainability
4 Sep 2020AIFs

ESMA 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 reviewESMA
26 May 2020Impact and ESG

ESA 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 RequirementsSustainability
23 Aug 2019AIFsArticlesEuVECA

Pre-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-Marketing
4 Jul 2019Financial Regulation

The 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 RequirementsGovernanceMarketing
21 Jun 2019AIFsEuVECA

New 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 Capital
23 May 2019AIFs

EU 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 Investors
30 Apr 2019Financial Regulation

ESMA 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 ManagementSustainability
16 Apr 2019AIFsArticlesEuVECA

Cross-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 Capital
10 Jan 2019AIFs

Commision 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 review

Other updates

1 Aug 2022Impact and ESGUpdates

New Guide on SFDR and EU Taxonomy Regulation

Invest Europe has published a comprehensive members guide on EU ESG reporting requirements for fund managers to clarify grey areas that exist around the day-to-day application of the regulation.

ComplianceDisclosure RequirementssustSustainability
4 Jul 2022Taxation / VATUpdates

Commission Proposes Tax Incentive for Equity

On 11 May 2022, the European Commission has presented a proposal for a directive providing for a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient.

22 Jun 2022Impact and ESGUpdates

Authorised 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 RequirementsSustainability
17 Jun 2022Impact and ESGUpdates

ESMA Provides Guidelines for Funds’ Use of ESG Related Terms

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing which provides guidance on sustainability risks and disclosures in investment management.

Disclosure RequirementsESMASustainability
28 Apr 2022Taxation / VATUpdates

Higher Corporate Tax Rate for Danish Financial Companies and Deductibility Cap on Salary Expenses

On 6 April 2022, the Danish Government presented a proposal for an amendment of, among others, the Danish Corporation Tax Act.

Danish RegulationManagement Remuneration
26 Apr 2022Impact and ESGUpdates

Final 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 RequirementsSustainability