Marketing requirements and marketing communications under the Regulation on cross-border distribution of funds
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Executive Summary
Reasons for publication
The Regulation on facilitating cross-border distribution of collective investment undertakings1 (the “Regulation”) provides that, by 30 June 2021, and every second year thereafter, ESMA shall submit a report to the European Parliament, the Council and the Commission which presents an overview of marketing requirements in all Member States and contains an analysis of the effects of national laws, regulations and administrative provisions governing marketing communications based also on the information received from national competent authorities.
ESMA submitted its first report to the co-legislators on 30 June 20212.This report is therefore the second ESMA’s report under the Regulation.
Contents
Section 2 explains the methodology followed by ESMA to develop this report.
Section 3 contains the overview of marketing requirements applicable in all Member States.
Section 4 contains the analysis of the effects of national laws, regulations and administrative provisions governing marketing communications.
Annex I contains the legislative mandate to develop the report. Annex II contains the questionnaire ESMA sent to NCAs on the national laws, regulations and administrative provisions governing marketing requirements in their jurisdictions. Annex III contains the questionnaire ESMA sent to NCAs on the number of requests for amendments of marketing communications made on the basis of ex-ante and ex-post verifications, and the most frequent breaches of the requirements governing marketing communications. Finally, Annex IV sets out the full version of the responses submitted by NCAs in respect of the questionnaire set out in Annex II3.
Next Steps
The next iteration of this report will be submitted to the European Parliament, the Council and the Commission in two years.
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