CSA Issue Revised Guidance On ESG-Related Investment Fund Disclosure

On March 7, 2024, the Canadian Securities Administrators (the "CSA") released CSA Staff Notice 81-334 (Revised): ESG-Related Investment Fund Disclosure (the "Revised Notice"). The Revised Notice updates and replaces the original CSA Staff Notice 81-334: ESG-Related Investment Fund Disclosure from January 2022 (the "Original Notice"). For a refresher on the CSA's guidance provided in the Original Notice, check out our previous legal update here.

Since the Original Notice, the CSA have conducted extensive reviews of retail investment funds in relation to environmental, social and governance ("ESG") matters. The Revised Notice has been issued in response to those reviews. The Revised Notice provides detailed guidance to investment fund managers ("IFMs") concerning the CSA's expectations for the disclosure and sales communication practices of investment funds as they relate to ESG matters. Unlike the Original Notice, the Revised Notice draws clear