Discussion of marketing to E.U. investors has been receiving increased attention since summer 2021, following implementation of the E.U. rules on facilitating cross-border distribution of collective investment undertakings (collectively, the CBDF Rules). The CBDF Rules included certain changed approaches under the E.U.’s Alternative Investment Fund Managers Directive on pre-marketing and reverse solicitation and introduced high level content requirements for marketing materials. Some accompanying guidelines setting detailed E.U. regulatory expectations on the content of marketing materials are also part of the same package of rules. Those latter guidelines, the ESMA Guidelines on Marketing Communications (Guidelines), recently came into application. They have been creating a lot of debate around their scope of application, from what fund managers they apply to and what materials are in-scope to how exactly the content of materials needs to be adapted going forward to comply with the Guidelines. In a guest article, Simpson Thacher attorneys Owen Lysak, Daniel Deacon and Ramya Juwadi consider those points. See “The New E.U. Cross‑Border Distribution of Funds Rules” (Aug. 5, 2021).