What is changing under MiFID II?
The answer to this question will depend on the category of client to which the communication is to be made. The high-level MiFID I requirement to ensure that all communications addressed to clients or potential clients, including marketing materials, are fair, clear and not misleading, and to ensure that marketing communications are identifiable as such, will remain under MiFID II. However, the detailed rules will change very significantly, particularly when communicating with professional clients. These changes will need to be implemented at the same time as conducting full scale product governance reviews and inserting the many additional disclosures required under MiFID II on matters such as costs and charges, which will be addressed in future alerts.
Thankfully the application of the PRIIPs Regulation will be delayed by one year, aligning its commencement with the entry into force of MiFID II so that firms will not need to comply until January 2018, rather than January 2017. It should be possible, therefore, to have a single comprehensive regulatory review of marketing and other communications, rather than taking it in two stages.