The Securities and Exchange Commission (SEC) recently penalised BNY Mellon Investment Adviser, Inc. (BNY Mellon) for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations in making investment decisions for certain mutual funds that it managed. As a result, BNY Mellon agreed to pay a $1.5m penalty to settle the charges. This ESG enforcement decision is important for at least two reasons, firstly because it is the first major enforcement action focused on ESG representations in investment prospectuses, and secondly the availability of a written decisi...
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