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ARTICLE · 02 FEBRUARY 2022

CSA Publishes Guidance On ESG-Related Investment Fund Disclosure

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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A fund's name and investment objectives help investors identify the primary focus of the fund and should accurately reflect the extent to which the fund is focused on ESG.

CanadaFinance and Banking
Stacy McLean
Stacy McLean
Norbert Knutel
Norbert Knutel
Jessie Dewdney
Jessie Dewdney
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The Canadian Securities Administrators (CSA) have published guidance for investment fund issuers with respect to disclosure related to environmental, social and governance (ESG) considerations, particularly funds whose investment objectives reference ESG factors (ESG Funds) and other funds that use ESG strategies (ESG Strategy Funds, and together with ESG Funds, ESG-Related Funds). The CSA guidance was published in response to the growing interest in ESG investing and increased potential for "greenwashing", whereby a fund's disclosure or marketing intentionally or inadvertently misleads investors about the ESG-related aspects of the fund.

The guidance provided by the CSA does not create new legal requirements, or modify existing ones, but seeks to clarify and explain how, in staff's view, the current securities regulatory requirements should be applied to ESG-related investment fund disclosure. The guidance also includes best practices that staff believe would

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