Based on member feedback, we are in the process of redesigning our Resource Center, as well as working on an improved search feature. In the meantime, if you need assistance finding a resource or would like to discuss an issue with a member of the legal team, please contact us at IAALegalTeam@investmentadviser.org.
The Investment Adviser Association has submitted a “friend of the court” (or amicus) brief in a lawsuit filed in federal court in Missouri. The IAA’s brief focuses on the critically important issue of whether Missouri or other states have the legal authority to impose substantive regulation on SEC-registered investment advisers and their adviser personnel. The IAA’s answer is a resounding “no.”
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).
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.
The IAA strongly supports the view that investment advisers and funds should clearly articulate their investment strategies, including ESG strategies, so that investors understand the investment adviser’s philosophy and can make informed investment decisions. While we are generally supportive of the SEC’s proposal to move forward with specific ESG disclosure requirements, we have concerns about its broad scope, which we believe could obscure rather than clarify salient information for investors.
We generally support the SEC’s proposal to require disclosure of material information about climate-related financial risks and climate-related financial metrics and provide recommendations that we believe will further the SEC’s objectives. Having consistent, comparable, and reliable disclosures of material information from public issuers, including disclosures related to climate-related matters, would help investment advisers make informed decisions on behalf of their clients.
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