Circular CSSF 22/795 is a CSSF circular, published 31 January 2022. Subject: Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA34-45-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (the “CBDF Regulation”).
\nRelevant for: AIFMs, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Other specific authorisations, registrations and information, Part II UCIs, SICARs, SIFs, UCITS.
\nKeywords: EuSEF, EuVECA, Marketing.
\nCircular CSSF 22/795 Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA3445-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating crossborder distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (the “CBDF Regulation”) CIRCULAR CSSF 22/795
\nCircular CSSF 22/795 Re: Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA34-45-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (the “CBDF Regulation”)
\nLuxembourg, 31 January 2022
\nLadies and Gentlemen, The purpose of this Circular is to inform you that the CSSF, in its capacity as
\nTo all Luxembourg investment
\ncompetent
\nfund managers
\nauthority,
\ncommunications
\napplies
\nthe
\n(ESMA34-45-1272)
\nGuidelines under
\nthe
\nESMA CBDF
\nmarketing
\nRegulation
\n(the
\n“Guidelines”), published on 2 August 2021. Consequently, the CSSF has integrated the Guidelines into its administrative practices and regulatory approach with a view to promote supervisory convergence in this field at European level. All Luxembourg investment fund managers that are in the scope of application of this Circular, as specified below, shall duly comply with the Guidelines.
\nTABLE OF CONTENTS 1. 2. 3. 4.
\nThe Guidelines Scope of application Information to be provided on marketing communications Date of application
\n3 3 4 4
\nThe Guidelines The Guidelines are issued by ESMA in accordance with Article 4(6) of the CBDF Regulation. The Guidelines apply in relation to the application of the requirements for marketing communications referred to in Article 4(1) of the CBDF Regulation, including on-line aspects of such marketing communications. The Guidelines apply as from 2 February 2022, i.e. 6 months after the date of the publication of the Guidelines on ESMA’s website in all EU official languages. The Guidelines specify the application of the requirements for marketing communications set out in Article 4(1) of the CBDF Regulation. In particular they establish common principles on the identification as such of marketing communications, the description of risks and rewards of purchasing units or shares of an AIF or units of a UCITS in an equally prominent manner, and the fair, clear and not-misleading character of marketing communications, taking into account on-line aspects of such marketing communications. The Guidelines (and any update of those Guidelines) are available on ESMA’s website: Guidelines on marketing communications under the Regulation on crossborder distribution of funds (europa.eu)
\nScope of application The present Circular shall apply to all investment fund managers incorporated under Luxembourg law (hereinafter “IFMs”).
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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