On 1 July 2021, the European Securities and Markets Authority (ESMA) published its first report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds. Specifically, the report presents an overview of marketing requirements referred to in Article 5(1) of the Regulation in all Member States and contains an analysis of the effects of national laws, regulations and administrative provisions governing marketing communications based also on the information received from Member State national competent authorities in accordance with Article 8(1) of the Regulation. The report has been submitted to the European Parliament, the Council and the European Commission. ESMA will submit a new iteration of the report to these EU authorities in two years.

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