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On November 8, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced a settled enforcement action (the “SEC Order”) against Invesco Advisers, Inc. (“Invesco”), an investment advisory firm, for making misleading...more
On 1 November 2024, the Financial Conduct Authority (“FCA”) updated its sustainability disclosure and labelling regime website and added detailed examples of pre-contractual disclosures to its Sustainability Disclosure...more
The Private Markets Update highlights key developments emerging from private markets across Europe, the UK and the United States, exploring the cross-border issues that matter to investors and sponsors in alternative assets. ...more
ESG-related enforcement remains a top priority and focus for Australia's corporate regulators. Since our last update, there has been a steady stream of enforcement activity aimed at climate-related representations and...more
Over the last few months, the U.S. Securities and Exchange Commission (“SEC”) discretely disbanded the Climate and ESG Taskforce (“ESG Task Force”) of its Division of Enforcement. The move follows a wave of recent pushback...more
Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more
Australian Update - Australian Securities and Investments Commission Continues Greenwashing Enforcement Efforts - On 28 February 2024, the Australian Securities and Investments Commission (ASIC) reported that an outsourced...more
ESG Ratings - The European Council and Parliament provisionally agreed upon a proposed regulation on ESG rating activities to boost transparency and increase investor confidence in ESG ratings. ESG ratings providers would...more
Essa semana (26/12), a Comissão de Valores Mobiliários (CVM) publicou o Ofício Circular Conjunto nº 1/2023/CVM/SIN/SMI (Ofício), direcionado às pessoas habilitadas a atuar como integrantes do sistema de distribuição e...more
As public companies increasingly discuss their artificial intelligence ("AI") capabilities, the U.S. Securities and Exchange Commission ("SEC") reminds us that it is closely watching these claims....more
The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing. On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more
On 28 November 2023, the UK's Financial Conduct Authority ("FCA") published its "Sustainability Disclosure Requirements ("SDR") and investment labels" policy statement (PS23/16) (the "Policy Statement"). The Policy Statement...more
On 28 November 2023, the long-awaited UK regime for the labelling, marketing and disclosure of sustainable funds (Sustainability Disclosure Requirements or “SDR”) has been published in the Financial Conduct Authority’s...more
Yesterday, ESMA published a risk analysis report outlining the results of its disclosure study on ESG names and claims in the EU funds industry. ESMA utilised natural language processing ("NLP") techniques to analyse the...more
On September 25, 2023, the SEC announced a settled administrative proceeding against a major investment advisor in which it agreed to pay a $19 million civil penalty for, effectively, greenwashing activities--i.e., pretending...more
Could the new SEC "Names Rule" really kill ESG funds as this article suggests? It seems very doubtful, but whether you agree with the linked article or not, it does provide an interesting perspective....more
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local...more
The European Commission has published two consultation papers that seek views on the fundamental features and effectiveness of the Sustainable Finance Disclosure Regulation (SFDR). The purpose of both the targeted and the...more
Over the last few months, the European Commission and the European Supervisory Authorities (“ESAs”) have published a number of press releases and reports that aim to clarify and provide further updates on concepts used within...more
Die Europäischen Aufsichtsbehörden haben am 1. Juni ihre Fortschrittsberichte über Greenwashing veröffentlicht. Die Berichte enthalten ein gemeinsames Verständnis von Greenwashing und helfen so, Marktteilnehmern und...more
The European Commission ("Commission") is relentless in its fight against Greenwashing and the misrepresentation of sustainability impacts or benefits of a company’s products or actions. Following the global ESG trend and the...more
Environment, social, and governance (ESG) considerations related to investment and corporate governance have made front-page news in recent months, as US elected officials debate whether industry-related ESG practices may...more
In a “groundbreaking” complaint, environmental NGO Global Witness asked the Securities and Exchange Commission (SEC) Climate and ESG Task Force to investigate oil major Shell for possible violations of federal securities...more
With the start of the new year, the ArentFox Schiff Hospitality Industry team reviews 10 of the most pressing legal issues for hospitality companies in 2023. 1. Potential Down Market Pressures. Interest rate increases are...more
As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations....more