The European Securities and Markets Authority has launched a consultation on guidelines on marketing communications under the Regulation on Cross-Border Fund Distribution. The proposed guidelines set out the requirements for communications sent to investors to promote UCITS and AIFs, including EuSEFs, EuVECAs and ELTIFs. ESMA proposes that the communications should be identifiable as marketing material, set out the risks and rewards of investment equally prominently, and ensure that the information provided is fair, clear and not misleading. The consultation is open until February 8. The ESMA consultation paper, guidelines on marketing communications under the regulation on cross-border distribution of funds is available here.