Marketing update

On 23 August, the CSSF published its findings and observations from the thematic review it launched in 2022-2023 in respect of the content and use of marketing communications (“MC”) by UCITS ManCos and AIFMs under the CBDF Regulation (CSSF MC Findings and Observations).

The main findings and expectations of the CSSF deal with the following points and are further described on our website:

  • identification as such of marketing communication;
  • consistency with fund's documents;
  • suitability of the marketing communication for the target investors or potential investors;
  • mandatory references to the availability of fund documents;
  • information on risks and rewards;
  • information on costs;
  • information on performance and benchmark;
  • information on sustainability-related aspects; and
  • short MC (e.g. messages on social media).

In addition, the CSSF published on 15 November 2023 a  Communication on UCITS marketing notifications informing Luxembourg UCITS wishing to notify or de-notify arrangements for marketing of shares in another Member State in accordance with Article 6 of the amended Luxembourg Law of 17 December 2010 on undertakings for collective investment, that they must comply with the marketing notification and de-notification procedures, which will be available via the eDesk Portal as of 2 January 2024.

More details are provided in the new version of the “User guide – eDesk – ePassporting module”.