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

 

February 2023

Summary of the marketing requirements for UCITS

According to art. 97 of GEO no. 32/2012 the dissemination of any advertising material in relation to a UCITS shall be carried out in accordance with the provisions of art. 4 of Regulation (EU) 2019/1.156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) no. 345/2013, (EU) no. 346/2013 and (EU) no. 1.286/2014, and the regulations issued by ASF on the advertising of UCITS. 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.

The UCITS may withdraw a notification regarding the distribution of units, including, where applicable, classes of shares/fund units, in Romania, for which ASF has received a notification in accordance with the provisions of art. 174 of GEO no. 32/2012, if the conditions laid down in art. 1761 of the same the normative act are cumulatively met.

 

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.

An AIFM authorised in another Member State may withdraw its notification with regard to the distribution in Romania of the units of some or all of the AIFs it manages, for which ASF has received a notification in accordance with art. 32 of Law no. 74/2015 if the conditions laid down in art. 321 of the same the normative act are cumulatively met.

AIFMs from another Member State may carry out pre-marketing activities under the conditions provided in article 312 of Law no. 74/2015.

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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.