New CSSF FAQ On CBDF – Guidance On Marketing Communications

On 20 September 2022, the CSSF published a new CSSF FAQ on CBDF Marketing Communications (“CSSF FAQ”), the objective of which is to provide additional guidance to Luxembourg investment fund managers (“IFMs”) on certain key aspects of the marketing communication (“MC”) requirements under Article 4 of the CBDF Regulation and ESMA Guidelines on marketing communications (“ESMA Guidelines”), which were implemented by the CSSF in its Circular 22/795.

The main key points of the CSSF FAQ are addressed below.

1. SCOPE OF MC REQUIREMENTS

In-Scope IFMs:

• All Luxembourg IFMs listed in CSSF Circular 22/795 (“In-Scope IFMs”) must comply with the MC requirements under Article 4 of the CBDF Regulation and ESMA Guidelines (“MC Requirements”), which include e.g. UCITS ManCos and authorised AIFMs.