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ARTICLE · 08 FEBRUARY 2022

Breaking Down The CSA Guidance On ESG-Related Investment Fund Disclosure

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CSA Staff are attempting to bridge the gap between what an ESG fund does with its assets, and what retail investors may presume an ESG fund is doing with its assets.

CanadaStrategy
John Kruk
John Kruk
Élise Renaud
Élise Renaud
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On January 19, 2022, staff of the Canadian Securities Administrators (CSA Staff) released guidance1 on disclosure and marketing practices of investment funds that use environmental, social and/or governance considerations (ESG) as part of their investment objectives or strategies. While many of the recommendations in the guidance are intuitive, several go beyond what industry participants might expect. These heightened expectations are discussed later in this bulletin.2

What is the Guidance Seeking to Achieve?

CSA Staff are attempting to bridge the gap between what an ESG fund does with its assets, and what retail investors may presume an ESG fund is doing with its assets. Whether this goal will be achieved to any degree is doubtful since most of the guidance relates to disclosure in prospectuses and management reports of fund performance which most investors never receive (let alone read and understand). As well, expectations regarding ESG outcomes cannot be

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