BNY Mellon Unit Charged by SEC for Misstating ESG Integration of Investment Funds

The U.S. Securities and Exchange Commission (SEC) announced today it has charged BNY Mellon Investment Adviser for making misstatements and omissions about the ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. considerations used for investment decisions in some of its mutual funds, and reached an agreement with the company for a $1.5 million penalty.

According to the SEC’s order, from July 2018 to September 2021, the firm made claims that all investments in the funds had undergone an ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. quality review, even though that was not always the case. The SEC found out that a number of investments held by certain funds did not have an ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. quality review score as of the time of investment.

Adam S. Aderton, Co-Chief of the SEC Enforcement Division’s Asset Management Unit and a member of the Task Force, said:

“Investors are increasingly focused on ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. considerations when making investment decisions. As this action illustrates, the Commission will hold investment advisers accountable when they do not accurately describe their incorporation of ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. factors into their investment selection process.”

The announcement comes as the SEC moves to increase scrutiny of the ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. claims being made by investment managers. Earlier this year, SEC Chair Gary Gensler said that the commission is looking into rules for ESG investment products, including disclosures for fund managers regarding the criteria used and data utilized for “ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments.,” “green,” or “sustainable” labeled products.

Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement and head of its Climate and ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Task Force, said:

“Registered investment advisers and funds are increasingly offering and evaluating investments that employ ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. strategies or incorporate certain ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. criteria, in part to meet investor demand for such strategies and investments. Here, we allege that BNY Mellon Investment Adviser did not always perform the ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. quality review that it disclosed using as part of its investment selection process for certain mutual funds it advised.”

The SEC statement indicated that BNY Mellon Investment Adviser did not admit or deny the findings.

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