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ESG Issues Become Leading Concern for SEC and CFTC: SEC Warns Investment Advisers and Funds About ESG Disclosures Tuesday, April 27, 2021
Recent initiatives by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) evidence the agencies increasing intent to play significant roles in the ESG space.
On April 9, the Division of Exams (Exams) published an ESG Risk Alert (Risk Alert), describing areas where it is focusing in examinations of investment advisers and funds ESG products and services. Separately, on March 17, Rostin Behnam, Acting Chair of the CFTC, announced the establishment of the Climate Risk Unit (CRU) to support the [CFTC s] mission by focusing on the role of derivatives in understanding, pricing, and addressing climate-related risk and transitioning to a low-carbon economy.
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The Risk Alert follows a number of other ESG-focused initiatives by the SEC.
For example, on March 4, the SEC announced the creation of a Climate and ESG task force under the purview of the SEC s Division of Enforcement that will, among other things, analyze disclosure and compliance issues relating to investment advisers and funds ESG strategies. Also, on March 3, Exams identified ESG issues as a 2021 exam priority for investment advisers and investments.
On April 12, SEC Commissioner Hester M. Pierce issued a public statement responding to the release of the Risk Alert, noting that as with many other ESG-related matters, this risk alert raises questions of its own . . . . She also stated that ESG strategies are not unique in that advisers and funds should not make claims that do not accord with their practices, and our examiners will be looking for that consistency between claims and practice. Our examiners are not and will not be in this space merit regulators. The SEC s
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