A. Yes. Regulation 54(3) of the Central Bank UCITS Regulations provides that an advertisement relating to a UCITS shall refer to the key investor information document and the prospectus issued by the relevant UCITS. Similarly paragraph 7 of the ESMA Guidelines provides that marketing communications should include a disclaimer such as the following:

"This is a marketing communication. Please refer to the [prospectus of the [UCITS/ AIF/EuSEF/EuVECA]/Information document of the [AIF/EuSEF/EuVECA] and to the [KIID/KID](delete as applicable) ] before making any final investment decisions."

However, paragraph 8 of the ESMA Guidelines provides that when the disclaimer as per paragraph 7 does not fit to the format and length of an on-line marketing communication, it may be replaced by a shorter identification of the m

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