The Cross Border Distribution Directive (“ CBDD”CBDD”) introduced a new pre marketing notification regime allowing fund sponsors to test the appetite of potential investors in the EU before launching their new funds, providing for:
- the legal definition of pre marketing and
- the rules of notification procedure to be conducted before the national authorities.
Nevertheless, the exact methods of pre marketing ( e.g. chaperoning) are open to interpretation, therefore a clear guidance from authorities would be welcome by market participants to dissipate the uncertainties.
