Summaries of national provisions governing the marketing requirements for UCITS and AIFs

January 2022


Summary of the marketing requirements for UCITS

According to art. 97 of GEO no. 32/2012 all the marketing materials addressed to investors must be clearly identifiable as such, correct, clear and not misleading and must not contain messages that contradict or diminish the significance of the information contained in the prospectus and of the KID. The dissemination of any marketing material is allowed only according to ASF’s regulations regarding the content and structure of the marketing materials, namely in accordance with art. 188-193 of ASF’s Regulation no. 9/2014. The marketing communications are not subject to prior authorisation by ASF.

The management company of an UCITS has the obligation to make available to ASF at its request, all the marketing materials. If any marketing materials or information published or disseminated are not observing the provisions of ASF’s Regulation no. 9/2014, ASF requests the management company of an UCITS the withdrawal of the published material or prohibits the continuation of its dissemination until it is revised in order to comply with the legal provisions.


Summary of the marketing/pre-marketing requirements for AIFs

According to art. 53 of ASF’s Regulation no. 7/2020 marketing communications of AIFs distributed to retail investors must be accurate, clear, identifiable as such and fairly describe the risks and benefits of investing in the respective AIF, in accordance with the transparency requirements set out in Regulation (EU) no. 2019/1156 on facilitating the cross-border distribution of collective investment undertakings and amending Regulations (EU) no. 345/2013, (EU) no. 346/2013 and (EU) no. 1.286/2014.

The AIFMs that manage the AIF distributed to retail investors apply accordingly the provisions of art. 188-190 and art. 192 of the ASF’s Regulation no. 9/2014 regarding marketing communications of the AIFs distributed to retail investors whose assets they manage.

Moreover, according to art. 54 of ASF’s Regulation no. 7/2020 the AIFM exercises at least annually an ex-post check-up regarding the monitoring of the "target markets" and the distribution channels of the units/ shares of retail AIFs they manage, in order to identify marketing activities that do not comply with the provisions of the incorporation documents or marketing materials of the respective retail AIF. The marketing communications are not subject to prior authorisation by ASF.

Also, AIFMs from another Member State may carry out pre-marketing activities under the conditions provided in Article 7 of the ASF’s Regulation no. 18/2021.

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