MiFID II Marketing Communications Explained

The core rule, in two sentences

Article 24(3) of MiFID II contains the whole idea. All information, including marketing communications, addressed by a firm to clients or potential clients must be fair, clear and not misleading. Marketing communications must also be clearly identifiable as such.

Everything else in this guide spells out those two sentences. In Cyprus the same duty appears in Article 25(3) of Law 87(I)/2017, which CySEC cited when it announced its 2023 review. Our guide to CySEC marketing rules covers the national layer, and our guide on setting up a forex company in Cyprus covers the company side.

Article 44, paragraph by paragraph

The detail sits in Article 44 of Delegated Regulation 2017/565. This table sets out what each paragraph requires and what you should do about it.

Two points catch marketers out. A 12-month figure on its own usually fails paragraph 4, because the rule looks for five complete periods where you have them. And paragraph 8 catches slogans built around a regulator's name, so keep licence wording to plain fact.

Worked example: fixing a performance line

Here is how the rule changes a typical line of copy. Both versions are illustrative, and the figures are invented for the example. Your compliance team should approve the actual wording.

Before: "Our managed portfolio returned 18% last year. Join today."

Four things are wrong with that line. The return is the most prominent feature, it covers one year, it gives no source or warning, and it says nothing about costs.

After: A page that leads with what the service does and who it suits, then shows a table lower down.

Beside the table you would add the source, the currency, a note that the figures are after fees, and a prominent warning that past performance is not a reliable indicator of future results.

The second version is longer and less exciting. That is the point of the rule: the reader sees the bad years too.

Is it marketing, research or something else?

Classification changes what you owe, so decide before you publish. Under Article 36 of the Delegated Regulation, a recommendation that does not meet the conditions for investment research must be treated as a marketing communication and clearly identified as such. In practice, a blog post labelled "market research" written to sell a product is likely to be marketing.

Firms should also watch the edge of personal advice. Content aimed at a named person's circumstances can become something else entirely. If your writers produce market commentary, get a written rule from compliance on what they may say. Our guide on fintech content marketing explains how to work that into a publishing process.

What did ESMA find in practice?

ESMA reviewed marketing with national regulators in 2023, including apps, websites, social media and collaborations with influencers, and reported on 27 May 2024. Marketing generally complied, but it listed areas to improve. Each one maps to a practical action.

ESMA also encouraged national regulators to consider sanctions for breaches, so the tone has shifted beyond guidance.

What changes with the Retail Investment Strategy?

New rules are agreed in substance but not yet in force. The Commission's request to ESMA, dated 30 July 2026, gives the position. A provisional deal came on 18 December 2025, the Council's committee of ambassadors approved it on 5 June 2026 and the Parliament's ECON committee on 23 June 2026. The Commission expected final votes in the fourth quarter of 2026 and publication by January 2027 at the latest. Parliament's plenary vote is forecast for 11 November 2026, so recheck this section after that date.

Member states would then have 24 months to transpose, with application from about July 2029. ESMA's technical advice is due by 1 October 2027.

The same document describes what the rules will require.

• A clear format showing the essential characteristics of the instrument or service.
• A balanced presentation of risks and benefits, tailored to the intended audience.
• Marketing that allows easy identification of the investment firm.
• Written agreements with third parties, such as distributors, social media and finfluencers, defining the nature and scope of their promotion.
• Internal policies, controls and reporting to monitor compliance.
• Records of all marketing, including third-party promotions, for at least five years, or up to seven if authorities request it.

ESMA will also advise on the conditions for marketing to be fair, balanced and appropriate for the target market, under a new Article 24c. So the final detail will come through delegated acts, and you should expect more specifics than the list above.

The third-party rules deserve early attention. Many firms have affiliates and influencers on informal terms today, and our guide on how to build a forex affiliate program shows how to formalise them.

Next step

Pick your three most prominent marketing assets and read each against the Article 44 table. Note every gap, and fix the performance and regulator wording first, since those are the easiest failures to spot. If you also market into the UK, compare the result with our FCA financial promotions checklist. When your pages are in order, our fintech and forex SEO service can help you build on them.