SEC says funds mischaracterizing use of ESG factors

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site_logos['bankingdive'] = { domain: 'bankingdive', site_name: "Banking Dive", alt_text: "Banking Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/banking_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/banking_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/banking_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/banking_black.svg", } }; site_logos['biopharmadive'] = { domain: 'biopharmadive', site_name: "BioPharma Dive", alt_text: "BioPharma Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/biopharma_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/biopharma_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/biopharma_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/biopharma_black.svg", } }; site_logos['cfo'] = { domain: 'cfo', site_name: "CFO.com", alt_text: "CFO.com logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cfodotcom_white.svg", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cfodotcom_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cfodotcom_black.svg", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cfodotcom_black.svg", } }; 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site_logos['cstoredive'] = { domain: 'cstoredive', site_name: "C-Store Dive", alt_text: "C-Store Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cstore_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cstore_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cstore_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cstore_black.svg", } }; site_logos['customerexperiencedive'] = { domain: 'customerexperiencedive', site_name: "CX Dive", alt_text: "CX Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cx_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cx_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cx_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cx_black.svg", } }; site_logos['cybersecuritydive'] = { domain: 'cybersecuritydive', site_name: "Cybersecurity Dive", alt_text: "Cybersecurity Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cybersecurity_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cybersecurity_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cybersecurity_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/cybersecurity_black.svg", } }; 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site_logos['fashiondive'] = { domain: 'fashiondive', site_name: "Fashion Dive", alt_text: "Fashion Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/fashion_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/fashion_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/fashion_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/fashion_black.svg", } }; site_logos['fooddive'] = { domain: 'fooddive', site_name: "Food Dive", alt_text: "Food Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/food_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/food_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/food_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/food_black.svg", } }; site_logos['grocerydive'] = { domain: 'grocerydive', site_name: "Grocery Dive", alt_text: "Grocery Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/grocery_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/grocery_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/grocery_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/grocery_black.svg", } }; site_logos['healthcaredive'] = { domain: 'healthcaredive', site_name: "Healthcare Dive", alt_text: "Healthcare Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/healthcare_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/healthcare_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/healthcare_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/healthcare_black.svg", } }; site_logos['highereddive'] = { domain: 'highereddive', site_name: "Higher Ed Dive", alt_text: "Higher Ed Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/highered_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/highered_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/highered_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/highered_black.svg", } }; site_logos['hoteldive'] = { domain: 'hoteldive', site_name: "Hotel Dive", alt_text: "Hotel Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hotel_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hotel_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hotel_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hotel_black.svg", } }; site_logos['hrdive'] = { domain: 'hrdive', site_name: "HR Dive", alt_text: "HR Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hr_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hr_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hr_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/hr_black.svg", } }; site_logos['k12dive'] = { domain: 'k12dive', site_name: "K-12 Dive", alt_text: "K-12 Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/k12_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/k12_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/k12_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/k12_black.svg", } }; site_logos['legaldive'] = { domain: 'legaldive', site_name: "Legal Dive", alt_text: "Legal Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/legal_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/legal_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/legal_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/legal_black.svg", } }; site_logos['manufacturingdive'] = { domain: 'manufacturingdive', site_name: "Manufacturing Dive", alt_text: "Manufacturing Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/manufacturing_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/manufacturing_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/manufacturing_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/manufacturing_black.svg", } }; site_logos['marketingdive'] = { domain: 'marketingdive', site_name: "Marketing Dive", alt_text: "Marketing Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/marketing_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/marketing_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/marketing_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/marketing_black.svg", } }; site_logos['medtechdive'] = { domain: 'medtechdive', site_name: "MedTech Dive", alt_text: "MedTech Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/medtech_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/medtech_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/medtech_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/medtech_black.svg", } }; site_logos['mobilemarketer'] = { domain: 'mobilemarketer', site_name: "Mobile Marketer", alt_text: "Mobile Marketer logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/mobilemarketer_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/mobilemarketer_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/mobilemarketer_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/mobilemarketer_black.svg", } }; site_logos['multifamilydive'] = { domain: 'multifamilydive', site_name: "Multifamily Dive", alt_text: "Multifamily Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/multifamily_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/multifamily_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/multifamily_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/multifamily_black.svg", } }; site_logos['packagingdive'] = { domain: 'packagingdive', site_name: "Packaging Dive", alt_text: "Packaging Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/packaging_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/packaging_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/packaging_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/packaging_black.svg", } }; site_logos['paymentsdive'] = { domain: 'paymentsdive', site_name: "Payments Dive", alt_text: "Payments Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/payments_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/payments_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/payments_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/payments_black.svg", } }; site_logos['pharmavoice'] = { domain: 'pharmavoice', site_name: "PharmaVoice", alt_text: "PharmaVoice logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/pharmavoice_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/pharmavoice_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/pharmavoice_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/pharmavoice_black.svg", } }; site_logos['proformative'] = { domain: 'proformative', site_name: "Proformative", alt_text: "Proformative logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/proformative_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/proformative_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/proformative_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/proformative_black.svg", } }; site_logos['restaurantdive'] = { domain: 'restaurantdive', site_name: "Restaurant Dive", alt_text: "Restaurant Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/restaurant_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/restaurant_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/restaurant_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/restaurant_black.svg", } }; site_logos['retaildive'] = { domain: 'retaildive', site_name: "Retail Dive", alt_text: "Retail Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/retail_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/retail_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/retail_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/retail_black.svg", } }; site_logos['smartcitiesdive'] = { domain: 'smartcitiesdive', site_name: "Smart Cities Dive", alt_text: "Smart Cities Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smartcities_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smartcities_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smartcities_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smartcities_black.svg", } }; site_logos['socialmediatoday'] = { domain: 'socialmediatoday', site_name: "Social Media Today", alt_text: "Social Media Today logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smt_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smt_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smt_color.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/smt_color.svg", } }; site_logos['supplychaindive'] = { domain: 'supplychaindive', site_name: "Supply Chain Dive", alt_text: "Supply Chain Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/supplychain_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/supplychain_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/supplychain_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/supplychain_black.svg", } }; site_logos['truckingdive'] = { domain: 'truckingdive', site_name: "Trucking Dive", alt_text: "Trucking Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/trucking_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/trucking_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/trucking_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/trucking_black.svg", } }; site_logos['utilitydive'] = { domain: 'utilitydive', site_name: "Utility Dive", alt_text: "Utility Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/utility_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/utility_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/utility_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/utility_black.svg", } }; site_logos['wastedive'] = { domain: 'wastedive', site_name: "Waste Dive", alt_text: "Waste Dive logo", is_current_site: false, white: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/waste_white.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/waste_white.svg", }, black: { png: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/waste_black.png", svg: "https://d12v9rtnomnebu.cloudfront.net/logo/publications/waste_black.svg", } }; // Get the dive domain and return the dive logo object, or null if it doesn't exist in site_logos function getDivesiteLogoObject(link_url, alt_domain='') { let dive_domain; // Split link URL on 'adurl=' and take what comes after as the ad url const ad_url = decodeURIComponent(link_url.split('adurl=')[1]); // Split on . to get an array of hostname segments const dive_domain_array = new URL(ad_url).hostname.split('.'); // Retrieve the second to last element of the hostname array, which should always be the domain dive_domain = dive_domain_array[dive_domain_array.length - 2] if (alt_domain) { // If alt_domain has been specified, normalize it. i.e. "HR Dive", "http://hrdive.com", etc. => "hrdive" // This will override the link url's domain. dive_domain = alt_domain.replace(/\s+/g, '').replace(/^(https?:\/\/)?(www\.)?|\.com.*|\?.*|#.*/gi, '').toLowerCase(); } // Return the site logos object for this domain if it exists, or null if it does not if (site_logos[dive_domain]) { return site_logos[dive_domain]; } else { // Fallback logo const url_prefix = "https://d12v9rtnomnebu.cloudfront.net/divesite/responsive_ad_assets/small_logos/"; return { domain: 'industrydive', site_name: 'Industry Dive', alt_text: 'Industry Dive logo', white: { svg: url_prefix + 'industrydive-small-white.svg', png: url_prefix + 'industrydive-small-white.png', }, black: { svg: url_prefix + 'industrydive-small-black.svg', png: url_prefix + 'industrydive-small-black.png', } } } } eventer(messageEvent, function (e) { var key = e.message ? 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}); // Sidebar ad $('.sidebar .hybrid-ad-wrapper a').each(function (index, element) { window.updateGamAdUrl(element, 'sidebar'); }); } }, false); var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; googletag.cmd.push(function () { var desktopWidth = 1024; if (window.innerWidth >= desktopWidth) { window.dfp_visibility = 'desktop'; } else { window.dfp_visibility = 'mobile'; } var dfpDisplayConfiguration = { "prestitialEnabled": true, "leaderboardEnabled": true, "sidebarAdsEnabled": true, "visibility": window.dfp_visibility }; if (window.dfp_visibility == 'desktop') { if (typeof prestitialAds == 'object' && prestitialAds.pageIsPrestitialEligible()) { googletag.defineSlot('/21662595662/esgdive/esgdiveprestitial', [[500, 300], [640, 480]], 'paychekgoeshere').addService(googletag.pubads()); } if (dfpDisplayConfiguration.leaderboardEnabled) { googletag.defineSlot('/21662595662/esgdive/esgdiveleaderboard', [[970, 180], [728, 90], [970, 90]], 'dfp-leaderboard-desktop').addService(googletag.pubads()); googletag.pubads().addEventListener('slotRenderEnded', function (event) { if ((event.slot.getAdUnitPath() === '/21662595662/esgdive/esgdiveleaderboard' || event.slot.getAdUnitPath() === '/21662595662/esgdive/esgdiveleaderboard') && !event.isEmpty ) { $(window).blur(function () { if (document.activeElement === $('#dfp-leaderboard-desktop iframe')[0] || document.activeElement === $('#dfp-leaderboard-desktop iframe')[0]) { try { localStorage.setItem('leaderboard_signup_path', document.location.pathname); } catch (e) { // local storage could not be available due to privacy settings or something } } }); } }); } if (dfpDisplayConfiguration.sidebarAdsEnabled) { googletag.defineSlot('/21662595662/esgdive/esgdivehybrid1', [[300, 250], 'fluid', [160, 600]], 'dfp-hybrid1-desktop').addService(googletag.pubads()); } googletag.defineSlot('/21662595662/esgdive/esgdivehybrid2', [[300, 250], 'fluid'], 'dfp-hybrid2-desktop').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivehybrid3', [[300, 250], 'fluid'], 'dfp-hybrid3-desktop').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivehybrid4', [[300, 250], 'fluid'], 'dfp-hybrid4-desktop').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivethankyouhybrid1', ['fluid'], 'dfp-thankyouhybrid1-desktop').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivethankyouhybrid2', ['fluid'], 'dfp-thankyouhybrid2-desktop').addService(googletag.pubads()); } else { googletag.defineSlot('/21662595662/esgdive/esgdivehybrid1', [[300, 250], 'fluid'], 'dfp-hybrid1-mobile').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivehybrid2', [[300, 250], 'fluid'], 'dfp-hybrid2-mobile').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivehybrid3', [[300, 250], 'fluid'], 'dfp-hybrid3-mobile').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivehybrid4', [[300, 250], 'fluid'], 'dfp-hybrid4-mobile').addService(googletag.pubads()); googletag.defineSlot('/21662595662/esgdive/esgdivethankyouhybrid1', ['fluid'], 'dfp-thankyouhybrid1-mobile').addService(googletag.pubads()); 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imagesrcset="https://imgproxy.divecdn.com/O9U-vt9UlNtR_6UnE7IlYAcuV7Y6FJS6HwztDYH6XYM/g:ce/rs:fill:400:225:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 400w, https://imgproxy.divecdn.com/W3q8JiRq7gRtsllCf7JU6jghNg21USJvneby42JUvz4/g:ce/rs:fill:800:450:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 800w, https://imgproxy.divecdn.com/HsRqGJEzmGNQ_Kvly82nlIpedeYUoJid3ZruYj7ivZg/g:ce/rs:fill:1200:675:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 1200w, https://imgproxy.divecdn.com/JmR1zu789G0DbbrcK132iZSQ6G8CdHBFYA7q5z7W5b0/g:ce/rs:fill:1600:900:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 1600w" imagesizes="(min-width: 64em) 60vw, 100vw" alt=""> <article class="brief"> <div class="first-page-pdf">  <div class="printed-branding"> <span class="promoted-branded-copy">An article from</span> <img src="https://d12v9rtnomnebu.cloudfront.net/logo/printer_friendly/esgdive.jpg" alt="site logo"> </div> <div class="article-title-wrapper"> <div class="post-label-wrapper"> <span class="post-label post-label--medium "> Dive Brief </span> </div> <h1 class="display-heading-04"> SEC says funds mischaracterizing use of ESG factors </h1> <p>The assessment is part of a broader risk alert by the agency regarding the discrepancy between funds’ investment strategies and marketing literature.</p> </div> <div class="byline"> <div class="article-byline"> <div class="date date-bottom-border"> <span class="published-info"> Published Nov. 6, 2024 </span> </div> <div class="byline-row "> <div class="author "> <div class="author-row author-row-flex"> <a href="/editors/ljohnson/"> <img class="author-img-round analytics t-article-byline-author" src="https://d1b6lhn2ymmy1x.cloudfront.net/journalist-headshots/johnson-lamar-circle-150x150.png" alt="Lamar Johnson's headshot"> </a> <div class="author-name 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https://imgproxy.divecdn.com/HsRqGJEzmGNQ_Kvly82nlIpedeYUoJid3ZruYj7ivZg/g:ce/rs:fill:1200:675:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 1200w, https://imgproxy.divecdn.com/JmR1zu789G0DbbrcK132iZSQ6G8CdHBFYA7q5z7W5b0/g:ce/rs:fill:1600:900:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNzUwNDgwNTdfb2xGdTlJay5qcGc=.webp 1600w" sizes="(min-width: 64em) 60vw, 100vw" alt="SEC Chair sits with an even expression" > </div> <figcaption class="inside_story_caption"> <span class="caption_text"> SEC Chair Gary Gensler, then Commodity Futures Trading Commission Chair, testifies before the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on Capitol Hill July 30, 2013 in Washington, DC. </span> <span class="source_text"> Chip Somodevilla via Getty Images </span> </figcaption> </figure> </div> <div class="row"> <div class="article-large-12 columns article-wrapper"> <div class="print-wrapper"> 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Please let us know if you have <a href="/contact/">feedback</a>. </div> </div> </div> <h3>Dive Brief:</h3> <ul> <li><span><span><span><span><span><span>The Securities and Exchange Commission’s Division of Examinations said Monday that its staff has observed registered investment companies and advisors </span></span></span></span></span></span><a href="https://www.sec.gov/files/risk-alert-registered-investment-companies.pdf"><span><span><span><span><span><span><span><span>mischaracterize their use of environmental, social and governance factors</span></span></span></span></span></span></span></span></a><span><span><span><span><span><span> when advertising funds to investors.</span></span></span></span></span></span></li> <li><span><span><span><span><span><span>The Exams Division highlighted the issue as </span></span></span></span></span></span><a href="https://www.sec.gov/compliance/risk-alerts/registered-investment-companies-risk-alert-11042024"><span><span><span><span><span><span><span><span>part of a broader risk alert</span></span></span></span></span></span></span></span></a><span><span><span><span><span><span> to help highlight risks and weaknesses it has identified for funds in deficiency letters, as well as let companies know what sort of information the agency seeks in compliance operations.</span></span></span></span></span></span></li> <li><span><span><span><span><span><span>SEC examiners said they reviewed funds over a four-year period to determine recurring mischaracterizations when it came to compliance, disclosures and filings, but did not disclose the names of the funds the agency reviewed.</span></span></span></span></span></span></li> </ul> <div class="hybrid-ad-wrapper show-small hide-large"> <div class="hybrid-ad-inner-wrapper"> <div class="show-small hide-large"> <div data-container-ad-unit-id="/21662595662/esgdive/esgdivehybrid1-mobile"></div> <div id="dfp-hybrid1-mobile"> <script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script><script> waitToLoadAds.push(function() { googletag.cmd.push(function() { if (window.dfp_visibility == 'mobile' ) { googletag.display('dfp-hybrid1-mobile'); googletag.pubads().addEventListener('slotRenderEnded', function (event) { var adUnitPath = '/21662595662/esgdive/esgdivehybrid1'; var onProformative = false; if (onProformative && event.slot.getAdUnitPath() === adUnitPath && !event.isEmpty ) { var adUnitPathWithVisibility = adUnitPath + '-mobile'; var selector = '.pf-comments__ad-wrapper [data-container-ad-unit-id="' + adUnitPathWithVisibility + '"]'; if (!$(selector).closest('.pf-comments__ad-wrapper').hasClass('borders')) { $(selector).closest('.pf-comments__ad-wrapper').addClass('borders') } } }); } }); }); </script> </div> </div> </div> </div> <div class="hybrid-ad-wrapper hide-small show-large"> <div class="hybrid-ad-inner-wrapper"> <div class="hide-small show-large"> <div data-container-ad-unit-id="/21662595662/esgdive/esgdivehybrid2-desktop"></div> <div id="dfp-hybrid2-desktop"> <script> waitToLoadAds.push(function() { googletag.cmd.push(function() { if (window.dfp_visibility == 'desktop' ) { googletag.display('dfp-hybrid2-desktop'); googletag.pubads().addEventListener('slotRenderEnded', function (event) { var adUnitPath = '/21662595662/esgdive/esgdivehybrid2'; var onProformative = false; if (onProformative && event.slot.getAdUnitPath() === adUnitPath && !event.isEmpty ) { var adUnitPathWithVisibility = adUnitPath + '-desktop'; var selector = '.pf-comments__ad-wrapper [data-container-ad-unit-id="' + adUnitPathWithVisibility + '"]'; if (!$(selector).closest('.pf-comments__ad-wrapper').hasClass('borders')) { $(selector).closest('.pf-comments__ad-wrapper').addClass('borders') } } }); } }); }); </script> </div> </div> </div> </div> <h3>Dive Insight:</h3> <p><span><span><span><span><span><span>The Nov. 4 alert said a common weakness SEC examiners found in fund disclosures and filings were that funds mischaracterized how they utilized ESG factors for their investments decisions “compared to their actual practices,” the alert said.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The Examinations Division said it is providing this alert to give funds and their advisers a holistic view of the examinations process, allowing them to prepare. The risk alert said the office also commonly found issues with funds’ compliance programs, disclosures and filings and governance practices.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The agency’s examiners said that the ESG mischaracterizations appeared in sales literature that “appeared to contain untrue statements or omissions of material fact.” In addition to finding the ESG mischaracterizations, the agency said it also found issues with incomplete, outdated or potentially misleading information in fund registration statements, fact sheets and other securities filings.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The agency said it hopes the information shared in the risk alert will help investment companies shore up their compliance efforts. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>“This Risk Alert is intended to highlight for firms risks and issues that the Division’s staff has identified,” the alert said. “Other risks besides those described in this Risk Alert may be appropriate to consider, and some issues discussed in this Risk Alert may not be relevant to a particular firm’s business. The adequacy of supervisory, compliance and other risk management systems can be determined only with reference to the profile of each specific firm and other facts and circumstances.”</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The alert said that when the Examinations Division looks to request documents for examinations, the staff typically sends investment funds and their advisers a letter notifying them of the upcoming exam, as well as a request for information. This request generally asks for information on the fund’s business and operations; identified compliance risks and the written policies to address them; information on its governance process and board oversight of compliance; and any other information to aid the office as it tests for compliance in line with its own priorities.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The office said its deficiency letters also found that on the issue of compliance: funds were not performing the required oversight or assessing their compliance programs; “did not adopt, implement, update and/or enforce” policies and procedures to comply with securities laws; had codes of ethics were not followed, adopted or were inadequate; or had policies and procedures that were not tailored to the funds’ business models or were inconsistent with their practices.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The Exams Division </span></span></span></span></span></span><a href="https://www.esgdive.com/news/sec-drops-esg-fy-2024-exam-priorities-compliance-gary-gensler/697206/"><span><span><span><span><span><span><span><span>declined to list ESG as an office priority</span></span></span></span></span></span></span></span></a><span><span><span><span><span><span> for fiscal year 2024, despite the topic being listed as a priority from 2021-23. An SEC spokesperson previously told ESG Dive that the list was not exhaustive of the issues the agency would look to address, when the agency announced its priorities in October 2023.</span></span></span></span></span></span></p> </div> <div class="reading-list recommended-reading"> <h3 class="sidebar-box__header reading-list__header">Recommended Reading</h3> <ul class="list-no-bullets"> <li class="reading-list__item"> <a href="https://www.esgdive.com/news/sec-drops-esg-fy-2024-exam-priorities-compliance-gary-gensler/697206/" class="reading-list__link analytics t-article-end-recommended"> SEC drops ESG from exam priorities for 2024 </a> <span class="label label--soft"> <span class="secondary-label">By <a rel="author" href="/editors/ljohnson/">Lamar Johnson</a> • </span> <span class="secondary-label">Oct. 19, 2023</span> </span> </li> </ul> </div> <div class="post-article-wrapper"> <div class="share-buttons"> <ul class="social-button-list"> <li> <a 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in 2025 </a> </h3> <p class="feed__description hide-small show-large">Early agendas for 2025 events show a growing focus on decarbonizing data centers, as well as increasing climate financing and aligning ESG standards.</p> <div class="secondary-label"> By Lamar Johnson and Zoya Mirza • <span class="secondary-label">Oct. 1, 2024</span> </div> </div> </li> <li class="row feed__item"> <div class="medium-5 columns"> <figure class="feed__image-container"> <a class="feed__image analytics t-edfooter-edpicks-2" href="/news/us-election-2024-kamala-harris-donald-trump-esg-sustainability-climate-views-impacts-policies/731788/"> <img class="" src="https://imgproxy.divecdn.com/NdDIHoG-8xSAgZABSJHjy8PbYxGM0iML-XpGlNKNs34/g:nowe:0:0/c:926:523/rs:fill:1200:675:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0yMTcxMjUzMzY4LmpwZw==.webp" width="1200" height="675" 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class="feed__attribution">Alex Wong via Getty Images</div> <img class="feed__attribution-icon" src="/static/images/info-icon.png?234917240220" width="16" height="16" alt="Image attribution tooltip" tabindex="-1"> </figcaption> </figure> </div> <div class="medium-7 columns">  <div class="label label--medium">Deep Dive  <span class="label label--slashes">//</span> <span class="label label--storyline">2024 Elections</span> </div> <h3 class="feed__title feed__title--display"> <a href="/news/us-election-2024-kamala-harris-donald-trump-esg-sustainability-climate-views-impacts-policies/731788/" class="analytics t-edfooter-edpicks-2"> Election 2024: Harris, Trump present ‘diametrically opposed’ impacts on ESG </a> </h3> <p class="feed__description hide-small show-large">“A Harris administration would be more favorable for the interests of ESG investors whereas a Trump administration would be antagonistic,” according to Morningstar Indexes’ head of strategy.</p> <div class="secondary-label"> By 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class="pressrelease-footer-item__description"> <div class="pressrelease-footer-item__company"> <div>From YMX Logistics, LLC.</div> <div class="press-release-date">November 18, 2024</div> </div> <span> <img alt="YMX Logistics, LLC. logo" class="pressrelease-footer-item__logo" height="50" loading="lazy" src="https://res.cloudinary.com/dmgi9movl/image/upload/dpr_2.0,h_50,w_50/v1731917354/press_release/assets/company_logos/17_wl6c4l.png" width="50"/> </span> </div> </div> </a> <a class="pressrelease-footer-item__anchor analytics t-pr-edfooter-item" href="/press-release/20241107-assent-recognized-as-a-leader-in-supply-chain-sustainability-software-by-in/"> <div class="large-3 columns pressrelease-footer-item js-pressrelease" data-pressrelease-full-url="https://www.esgdive.com/press-release/20241107-assent-recognized-as-a-leader-in-supply-chain-sustainability-software-by-in/"> <div class="pressrelease-footer-item__title"> Assent Recognized as a Leader in Supply Chain Sustainability Software 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Images</div> <img class="feed__attribution-icon" src="/static/images/info-icon.png?234917240220" width="16" height="16" alt="Image attribution tooltip" tabindex="-1"> </figcaption> </figure> </div> <div class="medium-7 columns"> <h3 class="feed__title feed__title--display"> <a href="/news/esg-and-sustainability-conferences-to-watch-for-in-2025/728476/" class="analytics t-edfooter-edpicks-1"> ESG and sustainability conferences to watch in 2025 </a> </h3> <p class="feed__description hide-small show-large">Early agendas for 2025 events show a growing focus on decarbonizing data centers, as well as increasing climate financing and aligning ESG standards.</p> <div class="secondary-label"> By Lamar Johnson and Zoya Mirza • <span class="secondary-label">Oct. 1, 2024</span> </div> </div> </li> <li class="row feed__item"> <div class="medium-5 columns"> <figure class="feed__image-container"> <a class="feed__image analytics t-edfooter-edpicks-2" 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SEC says funds mischaracterizing use of ESG factors | ESG Dive