October 2023 Sample Examination Letter – Boston – Marketing Rule and ESG
This is a sample SEC examination letter from October 2023 from the Boston office that includes questions on the Marketing Rule and ESG investing.
October 31, 2023
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Comments on Wyoming’s Proposed Regulation of ESG Investing
The IAA recommended that Wyoming clarify that its proposed ESG rule would not apply to SEC-registered investment advisers or their representatives, pursuant to the National Securities Markets Improvement Act of 1996 (NSMIA).
September 18, 2023
Summary Report: 2023 Investment Management Compliance Testing Survey
For the third year in a row, implementing the SEC’s Marketing Rule for Investment Advisers remains the number one focus for investment adviser chief compliance officers, according to the 2023 Investment Management Compliance Testing Survey.
July 13, 2023
Comments on the European Commission’s Consultation on Duties Regarding Sustainability
The IAA raised concerns that requiring asset managers to consider a particular set of sustainability factors when making investment decisions may dilute fiduciary principles and may run counter to the European Commission’s goals of efficient allocation of capital and sustainable and inclusive growth.
January 22, 2018
Legal Context of Defined Contribution Plan for Fiduciaries
One of the core responsibilities of defined contribution plan fiduciaries is selecting the investment options that will be available to participants in the plan. This paper summarizes the principles governing the exercise of that responsibility in 50 years of law, regulation, regulatory guidance, and court decisions.
December 13, 2022
We responded to a Department of Labor request for information on how it can address climate-related financial risks in retirement plans. We urged the DOL that any potential rulemaking should be principles-based and the DOL should not explicitly or implicitly favor one type of investment strategy over another. We also recommended that the DOL should assess its recent ESG Proposal before any further rulemaking and should coordinate with the SEC prior to any potential rulemaking.
May 16, 2022
Comments on DOL ESG and Proxy Proposal
We support the DOL’s proposal related to ESG investing and proxy voting and recommend that the DOL remove certain ESG-specific language in the rule text and remove the proposed “collateral benefit” disclosure.
December 13, 2021
Response to European Commission’s Consultation on the Alternative Investment Fund Managers Directive
We responded to an EC consultation on the Alternative Investment Fund Managers Directive (AIFMD) to address issues relating to delegation and ESG. We urged the EC to preserve the well-regulated AIFMD delegation framework and that asset managers should not be required to integrate the assessment of adverse impacts on sustainability factors that are not sustainability risks into the investment decision making process.
January 28, 2021