(Published as Crowdfunding Q&A 5.8)

Marketing communications disseminated in one or several Member States other than the one where the CSP is authorised, must comply with the provisions of Article 27(1), (2) and (3) of the ECSPR.

In addition, when disseminating marketing communications in a given Member State (including the Member State where the CSP is authorised), CSPs are required to ensure that such marketing communications comply with national laws, regulations and administrative provisions applicable to marketing communications in such Member State.

For the avoidance of doubt, the national rules on marketing communications of Member States are to be complied with separately and not cumulatively (e.g. a CSP authorised in Member State A and disseminating marketing communication in Member States A and B will be required to comply only with the national rule of Member State A when disseminating marketing communication in Member State A and only comply with the national rule of Member State B when disseminating marketing communication in Member State B).

According to Article 27(4), the NCA of the Member State where the marketing communications are disseminated shall be responsible for overseeing compliance with and enforcing their national laws, regulations and administrative provisions applicable to marketing communications.

A link to the applicable laws, regulations, and administrative provisions applicable to marketing communications of each Member State is available on ESMA’s website together with a summary in English^[1].