Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 9: Obligations regarding disclosures to investors / [83] AIF marketing communications.

83.AIF marketing communications.

(1) All marketing communications of an AIF to the investors shall be precise, clear and not misleading. In particular, any marketing communication shall be clearly identifiable as such.

(2) The information or statements included in the marketing communications which comprise an invitation to purchase units of an AIF shall not contradict or downgrade the significance of the information contained in the offering document drawn up in accordance with section 79.

(3) Where the AIF is addressed to retail investors, further to the requirements of sections (1) and (2):

(a) all marketing communications, further to the information referred to in sub-section 79(2)(c) and (d), shall specify where and in which language the offering document may be obtained by the investors and the authorisation number of the AIF;

(b) all marketing communications and every document or message which contains directly or indirectly an invitation to purchase units of an AIF, including those posted on the internet, shall include in a prominent section that the performance of the investment in units of the AIF is not guaranteed and the previous returns do not ensure the future ones. In case of an AIF with guaranteed performance, the above reference shall be limited to the fact that the past performance does not guarantee the future;

(c) in case an AIF replicates a stock exchange index, all marketing communications shall include a specific statement in a prominent section on the attention the investors need to show to the investment policy of the AIF;

(d) in case the net asset value of an AIF may have high volatility because of the composition of its portfolio or the management techniques used, all marketing communications shall include a specific statement in a prominent section drawing the attention of the investors to this effect.

(4) The Securities and Exchange Commission may, by means of a directive, determine specific rules to be followed by the AIF, regarding the publication of marketing communications and specify every matter concerning the application of section (3) regarding AIFs which are addressed to retail investors.