ESMA: Marketing requirements and marketing communications under the Regulation on cross-border distribution of funds

ESMA has submitted this report the European Parliament, the Council and the EC. ESMA provides an overview of the marketing requirements across Member States, and analyses the effects of national laws, regulations and administrative provisions governing the marketing communications for investment funds.  The report found that the transposition of the Directive on cross-border distribution of funds and the entry into force of the ESMA Guidelines on funds’ marketing communications helped reach a greater level of harmonisation in areas where national divergences existed.  ESMA notes that only a limited number of national competent authorities carried out any ex-ante verifications of marketing communications, but an increasing number of authorities reported carrying out ex-post verifications.