The E.U. regulation on the cross-border distribution of collective investment undertakings (CBDF Regulation) has applied since August 2021. The CBDF Regulation introduced new requirements for marketing communications by fund managers in the European Economic Area, including that all marketing communications are identifiable as such; that the risks and rewards of investing in a fund are displayed in an equally prominent manner; and that all information included in marketing communications is fair, clear and not misleading. In addition, the CBDF Regulation empowered the European Securities and Markets Authority to publish detailed guidelines (Guidelines) on the requirements for marketing communications, which recently came into effect. In a guest article, Simmons & Simmons attorney James Wallace outlines some of the Guidelines’ requirements that are particularly relevant for PE sponsors. See “The New E.U. Cross‑Border Distribution of Funds Rules” (Aug. 31, 2021).