From 2 February 2022, Irish authorised UCITS management
companies and AIFMs ("Managers") must ensure that
marketing communications published in respect of UCITS and
alternative investment funds comply with the ESMA Guidelines on
Marketing Communications under the Regulation on Cross-Border Distribution of
Funds ("Guidelines").
In a Notice of Intention published on 1
October 2021, the Central Bank of Ireland confirmed it will, in due
course, consult on the incorporation of a requirement into the
Central Bank UCITS Regulations and AIF Rulebook but in the interim it
expects full compliance with the Guidelines from 2 February
2022.
In general terms, the Guidelines aim at aligning the marketing
communications regime applicable to Managers with the regime
currently applicable to MiFID firms under Directive 2014/65/EU
("MiFID II"). That said, it is worth noting that in some
instances, the Guidelines go beyond the MiFID II requirements (e.g.
display of past performance for UCITS) and Managers should
accordingly conduct a review of marketing communications prior to 2
February 2022.
For further information on the Guidelines and other aspects of the
EU regime on the cross-border distribution of investment funds,
please see our previous client update.
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.
