Read the CySEC Circular C734
Memo #57-2025
CySEC Circular No: C734
Date: 16/10/2025
Subject: ESMA publication of thematic notes on clear, fair & not misleading sustainability-related claims – First Note: ESG Credentials
Purpose: To inform Cyprus Investment Fund Managers for the publication by ESMA of thematic notes on clear, fair & not misleading sustainability-related claims.
In Summary:
CySEC has issued the Circular C734 on 14/10/2025 to inform the Cyprus UCITS Management Companies and Self-Managed Cyprus UCITS (‘CyUCITS MCs’), Cyprus Alternative Investment Fund Managers and Self-Managed Cyprus AIFs (‘CyAIFMs’) and Sub-Threshold Cyprus Alternative Investment Fund Managers and Self-Managed Cyprus AIFs (‘sub- threshold CyAIFMs’), for the publication by ESMA of a series of thematic Notes on clear, fair & not misleading sustainability-related claims (‘the Thematic Notes’).
In accordance with Circular C734, the purpose of the Thematic Notes is to inform and educate market participants, as well as to formulate expectations when making sustainability claims, through a series of good and bad practises on specific topics.
Building on ESMAs findings from the Report on Greenwashing, the ‘First Note on ESG Credentials’ was published on 01/07/2025 and it focuses on ESG Credentials as well as claims about Industry Initiatives, Labels and Awards, and Comparisons to Peers.
CySEC notes that the second Thematic Note is expected to be published by the end of 2025.
CySEC urges the above mentioned Regulated Entities to ensure that they remain updated regarding the publication of such thematic notes and expects that the guidance provided in the Thematic Notes is considered when complying with their relevant ESG obligations.
The ‘First Note on ESG Credentials can be found on the following link:
Read the CySEC Circular C734
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