Home / Offering Memorandum / MARKETING AND ADVERTISING / Marketing material and advertisements

17.2. Marketing material and advertisements

The information shall include:

1.  the name of the Company;

2.  be accurate and in particular shall not emphasize any potential benefits of the investment services or Financial Instruments without also giving a fair and prominent indication of any relevant risks, as applicable;

3.  be sufficient for, and presented in a way that is likely to be understood by, the average member of the group to whom it is directed, or by whom it is likely to be received;

4.  not disguise, diminish or obscure important items, statements or warnings.

Where the information compares investment services, Financial Instruments, or persons providing investment services, the following conditions shall be satisfied:

1.  the comparison must be meaningful and presented in a fair and balanced way;

2.  the sources of the information used for the comparison must be specified;

3.  the key facts and assumptions used to make the comparison must be included;

Where the information contains an indication of past performance of a financial instrument, a financial index or an investment service, the following conditions shall be satisfied: 

1.  that indication must not be the most prominent feature of the communication;

2.  the information must include appropriate performance information which covers the immediately preceding 5 years, or the whole period for which the Financial Instrument has been offered, the financial index has been established, or the investment service has been provided if less than five years, or such longer period as the firm may decide, and in every case that performance information must be based on complete 12-month periods;

3.  the reference period and the source of information must be clearly stated;

4.  the information must contain a prominent warning that the figures refer to the past and that past performance shall be not a reliable indicator of future results;

5.  where the indication relies on figures denominated in a currency other than that of the Member State in which the Retail Client or potential Retail Client is resident, the currency must be clearly stated, together with a warning that the return may increase or decrease as a result of currency fluctuations;

6.  where the indication is based on gross performance, the effect of commissions, fees or other charges must be disclosed

Where the information includes or refers to simulated past performance, it must relate to a Financial Instrument or a financial index, and the following conditions shall be satisfied:

1.  the simulated past performance must be based on the actual past performance of one or more Financial Instruments or financial indices which are the same as, or underlie, the Financial Instrument concerned;

2.  in respect of the actual past performance referred to in point (a) above, the conditions set out in points (a) to (c), (e) and (f) of the above paragraph must be complied with

3.  the information must contain a prominent warning that the figures refer to simulated past performance and that past performance shall be not a reliable indicator of future performance.

Where the information contains information on future performance, the following conditions shall be satisfied:

1.  the information must not be based on or refer to simulated past performance;

2.  the information must be based on reasonable assumptions supported by objective data;

Where the information is based on gross performance, the effect of commissions, fees or other charges must be disclosed and the information must contain a prominent warning that such forecasts are not a reliable indicator of future performance.

Where the information refers to a particular tax treatment, it shall prominently state that the tax treatment depends on the individual circumstances of each Client and may be subject to change in the future. 

The information shall not use the name of any competent authority in such a way that would indicate or suggest endorsement or approval by that authority of the products or services of the Fund or the Investment Compartment.