Posted on Wednesday, May 25, 2022

The Securities and Exchange Commission (SEC) published a rule proposal on Enhanced Disclosures by Certain Investment Advisers and Investment Companies About ESG Investment Practices. As proposed, this rule would require registered investment advisers, certain advisers that are exempt from registration, registered investment companies, and business development companies, to provide additional information regarding their environmental, social, and governance (“ESG”) investment practices. The proposed amendments to these forms and associated rules seek to facilitate enhanced disclosure of ESG issues to clients and shareholders. The proposed rules and form amendments are designed to create a consistent, comparable, and decision-useful regulatory framework for ESG advisory services and investment companies to inform and protect investors while facilitating further innovation in this evolving area of the asset management industry.

Under the proposed amendments, the new investor-facing disclosures filed by funds on Forms N-1A, N-2, N-8B-2, S-6, N-CSR, and 10-K would be tagged in Inline XBRL. (The rule is out for a 60 day comment period which begins after publication in the Federal Register.

Read the announcement.

Read Chair Gensler Statement.

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