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On 31 January 2022, the Commission de Surveillance du Secteur Financier (CSSF) issued a new Circular CSSF 22/795, to confirm in its capacity as competent authority, that it would apply the ESMA guidelines on marketing communications under Regulation (EU) 2019/1156 ("CBDF Regulation"), published on 2 August 2021 ("Guidelines").
As a result, all Luxembourg investment fund managers that are in the scope of application of this Circular shall duly comply with the Guidelines, applicable from 2 February 2022.
Conveniently, the CSSF has also recently published updated summaries of national provisions governing the marketing requirements for alternative investment funds (AIFs) and updated summaries of national provisions governing the marketing requirements for undertakings for collective investment in transferable securities (UCITS).
The Guidelines aim to establish common principles on the identification of marketing communications, the risks and rewards of purchasing units or shares of an AIF or a UCITS in an equally prominent manner, and the fair, clear and not-misleading character of marketing communications, taking into account their online aspects.
The CSSF requires IFMs to provide information regarding marketing communications and will test to verify their compliance with the applicable requirements under Article 4 of the CBDF Regulation and the Guidelines. The practical and/or technical aspects (including frequency, formats and channel of submission) of implementing the collection of information (if any) will be communicated by means of additional annexes to this Circular and supplemented by a FAQ.
For further information and to discuss what this development might mean for you, please get in touch with your usual Baker McKenzie contact.
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