On April 9, the United States Securities & Exchange Commission Division of Exams (Exams) published an Environmental, Social, and Governance (ESG) Risk Alert , describing areas where it is focusing in examinations of investment advisers’ and funds’ ESG products and services.
The SEC’s Risk Alert is premised on its observation that, in recent years, investor demand has driven the offering of various ESG options, including registered investment companies and pooled investment vehicles, as well as separately managed accounts. The Risk Alert gives examples of what Exams considers to be deficient ESG-related compliance programs and disclosures by advisors and funds in connection with such offerings. Exams also provides examples of what they consider to be effective ESG compliance and disclosure practices.
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