United States ESG Content

The Missouri Secretary of State has proposed an amendment applicable to investment advisers and investment adviser representatives which would deem effecting any transaction with an investment objective not authorized by a client to be a fraudulent act in Missouri.

The United States Court of Appeals for the Fifth Circuit vacated the order of the Securities and Exchange Commission approving Nasdaq's Board Diversity Proposal

The Missouri Secretary of State filed a proposed amendment and a proposed rule identifying practices in the brokerage industry and investment adviser industry that are generally associated with acts that deceive and defraud.

The Attorneys General of eleven States, led by Texas, filed suit against three asset managers in the U.S. District Court for the Eastern District of Texas, alleging that the asset managers' "acquisition and use of shareholdings in … domestic coal producers" violated antitrust laws.

Last week, ICI sent a letter (linked below) to SEC Chair Gensler, requesting that the SEC (i) suspend the compliance dates for certain recent regulatory actions, (ii) halt work on not-yet-finalized rulemaking, and (iii) extend soon-to-expire relief that would have a significant impact...

On November 8, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from misleading statements concerning the company-wide percentage of assets under management by it and its affiliates that was "ESG integrated," a term that...

After its previously promulgated rules seeking to impose certain conditions on financial professionals were enjoined, the Missouri Secretary of State filed an emergency amendment and an emergency rule, each effective November 6, 2024, identifying practices in the brokerage industry...

This memorandum catalogues significant ESG related developments that have occurred since February 2, 2024.

On October 21, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from statements made regarding three exchange-traded funds that it marketed as incorporating environmental, social, and governance factors. To settle the...

The Missouri Secretary of State has voluntarily dismissed its appeal in a recently decided case concerning Missouri Securities Division rules that would have required specified financial professionals to obtain a client's written consent on state-scripted documents before providing...