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By Dr. Sebastiaan NIELS HOOGHIEMSTRA*
The European Securities Market Authority (“ESMA”) marketing communications guidelines (the “ESMA Guidelines”) entered into force on 2 February 2022. The ESMA Guidelines specify, amongst others, the market communication requirements applicable to alternative investment fund managers (“AIFMs”) and UCITS management companies (“UCITS ManCos”) of the in 2019 adopted Regulation on the cross-border distribution of collective investment funds (the “CBFD Regulation”). This contribution mainly discusses the impact of the ESMA Guidelines on fund managers.
Background
In order to enhance the regulatory framework applicable to collective investment undertakings and to better protect...
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