ESMA Publishes Final Report On Guidelines On Marketing Communications

The introduction of the Fondsstandortgesetz ("FoG") is intended to strengthen Germany as an investment fund location and to adapt German law to European requirements. Whereas previously only the distribution of shares or units of an investment fund was subject to a duty of disclosure, the FoG for the first time legally anchors a legal definition of so-called pre-marketing in the German Investment Code ("KAGB"). This means that the pre-marketing stage of the public and previously solely regulated distribution is now also covered by a regulatory regime.

Pre-marketing

According to § 1 para. 19 no. 29a KAGB-neu, pre-marketing is defined as follows:

"Pre-Marketing is the direct or indirect provision by or on behalf of an AIF management company of information or communication about investment strategies or investment concepts to potential professional and semi-professional investors domiciled or having their registered office within the scope of this Law or