Disclosure Content

On 18 November, the European Securities and Markets Authority (ESMA) published a consultation on proposed guidelines introducing quantitative criteria for funds with names using ESG- or sustainability-related terms.

In a settled enforcement action, the SEC sanctioned an investment adviser for failing to establish and follow established policies and procedures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance ("ESG")...

The three European Supervisory Authorities (ESAs) published a Call for Evidence on greenwashing to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices. Comments...

​​​​​​​SEC Commissioner Mark Uyeda delivered remarks at a recent Cato Institute conference focusing on the rise of environmental, social, and governance (ESG) investing and the future of financial regulation. His remarks are summarized below.

​​​​​​​Commissioner Peirce recently delivered fund-related remarks, highlighting that each fund "is distinct from their investors, their asset managers, and the other funds in the same complex but that too often, funds' interests are treated as being identical to those of their...

This memorandum catalogues significant ESG related developments that have occurred since April 11, 2022. It references ICI memoranda that provide a more fulsome description of each matter. You can find all of these memoranda on our website in our ESG Resource Center.

On November 2, 2022, by a 3-2 vote, the SEC approved a proposal that would: amend Rule 22e-4 (the "liquidity rule"), which applies to open-end funds; require mutual funds to adopt swing pricing; and change all Form N-PORT filers' reporting obligations

On 25 October, the UK Financial Conduct Authority (FCA) issued a Consultation Paper on Sustainability Disclosure Requirements (SDR) and Investment Labels. Comments on the proposal are due on 25 January 2023. The proposal notes that the FCA intends to issue final rules by the end of...

On November 2, the Securities and Exchange Commission adopted amendments to Form N-PX and related rules (collectively, "amendments") to enhance reporting of proxy voting information by registered investment companies ("funds") and institutional investment managers ("managers"). The...

Earlier this week, the Securities and Exchange Commission adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors and (2) tag the contents of shareholder reports in a structured data language.