SEC Commissioner Mark T. Uyeda argued that companies must act to maximize shareholder value and not place the interests of investors subservient to private ESG interests.
The SEC set an effective date of December 11, 2023 for rule amendments that prevent investment companies from adopting names that may mislead investors. The date was published in the Federal Register.
An investment adviser settled charges with the SEC for (i) misleading investors as to its ESG-related practices and (ii) failing to implement an AML program specific to its mutual funds business.
SEC Commissioner Hester M. Peirce expressed "grave concerns" about imposing ESG disclosure standards and taxonomies. She asserted they could "commandeer" private capital and could lead to systemic instability.