On 27 May 2021, the European Securities and Markets Authority (‘ESMA’) published its final report (ESMA34-45-1244) on guidelines for marketing communications under Article 4 of the Regulation on the cross-border distribution of funds ((EU) 2019/1156).

The aim of the guidelines is to specify the requirements for marketing communications sent to investors to promote UCITS and AIFs.

Feedback on ESMA’s consultation paper of November 2020 along with ESMA’s response is set out in Annex I to the report.

The final guidelines are set out in Annex IV and will be translated into the official languages of the EU. The guidelines will apply six months after the publication date of the translations on ESMA’s website.

The Regulation, along with the Directive on cross-border distribution of collective investment undertaking ((EU) 2019/1160) aims to facilitate the cross-border marketing of UCITS and AIFs by removing existing barriers and further protecting investors.