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.
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The House Financial Services Committee considered testimony on the "growing influence” of proxy advisory firms and current efforts to reform the proxy advisory system.
The House Judiciary Committee requested information from three of the largest asset managers in finance pursuant to a Committee inquiry into "the sufficiency of existing antitrust laws to address collusive agreements to promote and adopt progressive environmental, social, and governance (ESG) goals."
In a letter to SEC Chair Gary Gensler, Republican leaders from the House Financial Services Committee and Senate Banking Committee criticized the SEC for pursuing a climate agenda "outside the scope of its mission" and requested information on the proposed climate disclosure rule.
The SEC Division of Examinations outlined its annual priorities for 2023. The new report includes a heightened focus on RIA regulation, private investment fund RIAs, ESG-focused investing, Regulation Best Interest for broker-dealers and the fiduciary standard for advisers.