The Cyprus Securities and Exchange Commission (CySEC) has issued a new circular reminding Cyprus Investment Fund Managers (CyIFMs) of their obligations regarding the compliance of their websites and marketing communications.

The reminder comes as the regulator identified “inconsistencies in website content, inadequate disclosures and deviations from the applicable regulatory framework”.

The circular is addressed to Cyprus UCITS Management Companies, Cyprus Alternative Investment Fund Managers, and sub-threshold Cypriot AIFMs.

It aims to ensure that these entities present clear, accurate, and up-to-date information online, in line with existing regulatory standards.

CySEC stressed that “effective and compliant communication through websites, and marketing materials is crucial for fostering investor confidence, ensuring transparency and adhering to regulatory standards.”

The commission further stated that “CyIFMs are generally required to maintain a website, ensuring that its content aligns with marketing communications requirements.”

CyIFMs must provide direct access to important documents such as the Key Investor Information Document (KIID) for UCITS or the offering document for AIFs.

According to the regulation, websites must also display PRIIPs Key Information Documents and sustainability-related disclosures under the Sustainable Finance Disclosure Regulation (SFDR).

These rules apply more stringently if the target group is retail investors or well-informed investors, who are treated as retail for marketing purposes.

CySEC clarified that “the obligations of CyIFMs vary depending, among others, on the investor group to which their funds under management are addressed.”

It also noted that although some firms may be exempt from certain disclosure requirements for professional investors, “marketing communications must still be fair, clear and non-misleading.”

In addition to the legal requirements, CyIFMs are expected to take proactive steps, including updating CySEC within 10 days of launching or modifying a website.

All compliance actions, including content reviews and updates, must be completed by the end of May 2025.

Firms must ensure that users can access key documents without needing to register or request them.

If a fund maintains a separate website, the CyIFM remains responsible for its compliance and must retain full administrative access.

Finally, CySEC stated that it will carry out periodic checks to monitor compliance.