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ARTICLE · 21 MAY 2024

ESG-Related Investment Fund Disclosure In 2024: "Walk Your Talk"

Borden Ladner Gervais LLP
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Two years and two months after the Canadian Securities Administrators (CSA) published CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure (the Original Notice)...

CanadaFinance and Banking
Jason Brooks
Jason Brooks
Christian Faribault
Christian Faribault
Kathryn Fuller
Kathryn Fuller
Melissa Ghislanzoni
Melissa Ghislanzoni
Roma Lotay
Roma Lotay
Lynn McGrade
Lynn McGrade
Donna Spagnolo
Donna Spagnolo
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CSA continues to define and refine ESG-related fund disclosure expectations

Two years and two months after the Canadian Securities Administrators (CSA) published CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure (the Original Notice) with respect to environmental, social and governance (ESG)-related investment fund disclosure, updated guidance has been released that replaces the Original Notice (the Revised Notice).

The Revised Notice catalogues the CSA's findings arising from their ESG-focused reviews of the disclosure and sales communications of investment funds (the ESG-Focused Reviews) and provides guidance relating to a new fund classification - the ESG Limited Consideration Fund. It also clarifies the CSA's view of what constitutes a "sales communication".

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