Cross-border distribution of undertakings for collective investment

In addition to the obligations placed on regulatory authorities of EU Member States to publish on their websites comprehensive information on national laws, regulations and administrative provisions governing the marketing requirements applicable to AIFs and UCITS, ESMA published its Guidelines on the same day, laying down the common framework with which European management companies must now comply in their marketing communications on their funds (provided their Authorities agree to be bound by same). The primary benefit of these guidelines lies in the fact that they define the possible types of communication: pre-commercial, commercial and regulatory, and the ground rules for commercial communications.