CHAPTER V Marketing communications

Article 27 Requirements regarding marketing communications
1. Crowdfunding service providers shall ensure that all marketing communications about their services, including those outsourced to third parties, are clearly identifiable as such.
2. Prior to the closure of raising funds for a project, no marketing communication shall disproportionately target planned, pending or current individual crowdfunding projects or offers.
The information contained in a marketing communication shall be fair, clear and not misleading, and shall be consistent with the information contained in the key investment information sheet, if the key investment information sheet is already available, or with the information required to be in the key investment information sheet, if the key investment information sheet is not yet available.
3. For their marketing communications, crowdfunding service providers shall use one or more of the official languages of the Member State in which the marketing communications are disseminated or a language accepted by the competent authorities of that Member State.
4. The competent authorities of the Member State in which the marketing communications are disseminated are responsible for overseeing compliance with, and enforcing vis-à-vis crowdfunding service providers, their national laws, regulations and administrative provisions applicable to marketing communications.
5. Competent authorities shall not require an ex ante notification and approval of marketing communications.

Article 28 Publication of national provisions concerning marketing requirements
1. Competent authorities shall publish and keep up-to-date on their websites those national laws, regulations and administrative provisions applicable to marketing communications of crowdfunding service providers that the competent authorities are responsible for overseeing compliance with, and enforcing vis-à-vis crowdfunding service providers.
2. Competent authorities shall notify ESMA of the laws, regulations and administrative provisions referred to in paragraph 1 and provide ESMA with a summary of those laws, regulations and administrative provisions in a language customary in the sphere of international finance.
3. Competent authorities shall notify ESMA of any change in the information provided pursuant to paragraph 2 and provide ESMA without delay with an updated summary of the relevant laws, regulations and administrative provisions referred to in paragraph 1.
4. Where the competent authorities are not responsible for overseeing compliance with and enforcing the laws, regulations and administrative provisions referred to in paragraph 1, they shall publish on their websites the contact information regarding where information about the laws, regulations and administrative provisions referred to in paragraph 1 can be obtained.
5. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the notifications under this Article.
ESMA shall submit those draft implementing technical standards to the Commission by 10 November 2021.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
6. ESMA shall publish and maintain on its website the summary referred to in paragraph 2 and the hyperlinks to the websites of competent authorities referred to in paragraph 1. ESMA shall not be held liable for the information presented in the summary.
7. Competent authorities shall be the single points of contact responsible for providing information on marketing rules in their respective Member States.
8. Competent authorities shall regularly, and at least on an annual basis, report to ESMA on their enforcement actions taken during the preceding year on the basis of national laws, regulations and administrative provisions applicable to marketing communications of crowdfunding service providers. In particular, the report shall include:
(a) where applicable, the total number of enforcement actions taken by type of misconduct;
(b) where available, the outcomes of the enforcement actions, including the types of penalties imposed or the remedies provided by crowdfunding service providers; and
(c) where available, examples of how competent authorities have dealt with the failure of crowdfunding service providers to comply with national laws, regulations and administrative provisions.