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ARTICLE · 06 APRIL 2022

US SEC Includes "Greenwashing" In Its Examination Priorities For The First Time

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In its 2022 Examination Priorities, issued on March 30, 2022, the Division of Examinations ("Division") of the United States Securities and Exchange Commission ("SEC" or "Commission") uses the term "greenwashing"...

United StatesFinance and Banking
J. Paul Forrester
J. Paul Forrester
Christina M. Thomas
Christina M. Thomas
Leslie Cruz
Leslie Cruz
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In its 2022 Examination Priorities, issued on March 30, 2022, the Division of Examinations ("Division") of the United States Securities and Exchange Commission ("SEC" or "Commission") uses the term "greenwashing" for the first time, as it outlined ESG as an area of continued focus for the Division.

Specifically, the Division stated that it will continue to focus on ESG-related advisory services and investment products (e.g., mutual funds, exchange-traded funds and private fund offerings). The Division also explained that, in its exams, it will "typically" focus on whether RIAs and registered funds are:

"(1) accurately disclosing their ESG investing approaches and have adopted and implemented policies, procedures, and practices designed to prevent violations of the federal securities laws in connection with their ESG-related disclosures, including review of their portfolio management processes and practices;

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