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The Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, a long-anticipated framework requiring certain registered funds and certain investment advisers to disclose their environmental, social and governance (ESG) investment practices (Proposal). The Proposal, which is a companion to a separate release issued the same day proposing changes to Rule 35d-1 under the Investment Company Act of 1940 (Names Rule), would amend rules and forms under both the Investment Advisers Act of 1940 and the Investment Company Act. The Proposal comes in the wake of substantial scrutiny by the SEC and its Staff regarding disclosure practices involving ESG investments.
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