The ESMA Guidelines on Marketing Communications ("Guidelines") take effect from today, 2 February 2022.

The Central Bank of Ireland has previously confirmed that it expects all Irish authorised Management Companies1 to comply with the Guidelines with effect from 2 February 2022.

Management Companies are therefore responsible for ensuring that any marketing communications relating to a fund under management (whether issued by themselves or another third party) complies with the Guidelines from today.

If not yet completed, Management Companies will need to review marketing communications for those funds to ensure compliance with the Guidelines. In particular:

  • that the risks and rewards are disclosed in a manner consistent with the Guidelines,
  • that the marketing communications are fair, clear and not misleading taking into account the criteria set down in the Guidelines; and
  • that information on costs, past performance and expected future performance and sustainability-related aspects of the communications comply with the Guidelines.

Footnote

1. Includes Irish authorised self-managed UCITS and internally managed AIFs, as well as UCITS management companies and AIFMs

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.