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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

Keywords: Best Execution, Climate, Communications, Compliance Testing Survey, Data Privacy, ESG, Exams, Fees and Expenses, Marketing Rule, Personal Devices, Proxy Voting, Regulatory Compliance, Third Party Oversight

Categories & Topics: Compliance, Industry Trends, Industry-Level

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

Keywords: ESG, European Commission

Categories & Topics: Compliance, ESG, Industry-Level, International

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

Keywords: Due Diligence, ERISA, ESG, Fiduciary

Categories & Topics: Compliance, ERISA & Pension Plans, Fiduciary

Comments on DOL Request for Information on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk

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

Keywords: ERISA, ESG

Categories & Topics: Compliance, ERISA & Pension Plans, ESG, Industry-Level

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

Keywords: Alternative Investment Funds, ESG, European Commission

Categories & Topics: ESG, Industry-Level, International

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