On 1 July 2021, ESMA submitted to the European Parliament, the Council and the European Commission its first report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds (CBDF).

In its report, ESMA provides an overview of the marketing requirements across Member States, and analyses the effects of national laws, regulations and administrative provisions governing the marketing of investment funds. The report is based on responses provided by NCAs to two questionnaires prepared by ESMA.

Key findings

• National laws, regulations and administrative provisions governing marketing requirements are usually based on the transposition of the AIFMD and the UCITS Directive, although NCAs’ responses showed that some additional national requirements may be applicable.
• Only a very limited number of NCAs carry out ex-ante or ex-post verification or marketing communications.
• It is expected that greater harmonisation of the marketing requirements will be achieved after the transposition of the Directive on cross-border distribution of funds by 2 August 2021.

Next steps

ESMA will submit to the European Parliament, the Council and the Commission a new iteration of the report in two years.