ESMA publishes second overview of national rules governing fund marketing

ESMA has published its second report under the CBFDR providing an overview of the marketing requirements referred to in Article 5(1) of the CBFDR in all Member States and an analysis of the impact of national laws, regulations and administrative provisions on marketing communications.
The report is built on the information provided by the NCAs in response to the questionnaires which have been prepared by ESMA. The main results are as follows:
– Harmonization: The implementation of the Directive on cross-border distribution of funds and the ESMA Guidelines on funds‘ marketing communications has led to increased harmonization in areas where national differences existed, as identified in the first ESMA Report in 2021 (eventid=11613).
– Verification of marketing communications: While the Regulation grants NCAs the authority to verify marketing communications, only a limited number of NCAs have conducted pre-approval checks. However, an increasing number of NCAs have reported conducting post-approval verifications.
ESMA intends to submit a new version of the report to the European Parliament, the Council, and the Commission in two years‘ time, indicating a commitment to regularly assessing and updating the regulations governing the marketing of investment funds.