Launch of the ESMA Common Supervisory Action on the application of MiFID II disclosure rules with regard to marketing communications and advertisements of financial products

Marketing communications and advertisements play a key role in determining consumer behaviour and influencing investment decisions and activities. This is particularly relevant for less experienced investors and given the significant increase of online marketing communications such as apps, websites, social media and collaborations with affiliates such as influencers.

On 16 January 2023, the European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications and advertisements:

ESMA and NCAs to look at marketing of financial products (europa.eu)

The methodology of this CSA was developed by ESMA and aims to ensure a common supervisory approach among NCAs.

The aim of the CSA is to understand and assess how investment firms as well as credit institutions have implemented the requirements of the MiFID II Directive and of the MiFID II Delegated Regulation in the field of marketing communications and advertisements. This CSA will also be an opportunity to collect information about possible ‘greenwashing practices’ observed in marketing communications and advertisements.

In this context, the CSSF will contact a sample of supervised entities and ask them to complete a dedicated questionnaire. All concerned entities will be shortly contacted by the CSSF.