In this report, 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 of investment funds.
The report is based on responses provided
by National Competent Authorities (NCAs) to two questionnaires prepared
by ESMA.
Key findings:
- National laws, regulations and administrative provisions governing
marketing requirements are usually based on the transposition of the
AIFMD and the UCITS Directive, although NCAs’ responses showed that some
additional national requirements may be applicable.
- Only a very limited number of NCAs carry out ex-ante or ex-post verification or marketing communications.
- It is expected that greater harmonisation of the marketing requirements will be achieved after the transposition of the Directive on cross-border distribution of collective investment undertakings by 2 August 2021.
Next steps
ESMA will submit to the European Parliament, the Council and the Commission a new iteration of the report in two years.
ESMA
© ESMA
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