- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
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- Honduras arrests environmentalist's alleged murderer
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- EU court blocks French ban on vegetable 'steak' labelling
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- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
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- DR Congo to begin mpox vaccination campaign Saturday in east
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- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
US securities regulators unveil proposal to fight 'greenwashing'
US securities regulators unveiled Wednesday a proposed rule to tighten disclosure requirements on the rising number of investments that tout their commitment to environmental, social and governance (ESG) goals.
Seeking to address the problem of "greenwashing," where financial investments may fall short of marketing statements, the Securities and Exchange Commission said the measure was meant to standardize disclosure and avoid cases where a fund "could exaggerate its actual consideration of ESG factors."
SEC Chairman Gary Gensler said the rule was needed as the scale of the so-called "US sustainable investment universe" has grown to $17.1 trillion, according to one estimate.
"When an investor reads current disclosures, though, it can be very difficult to understand what some funds mean when they say they're an ESG fund," Gensler said. "There also is a risk that funds and investment advisers mislead investors by overstating their ESG focus."
Funds that integrate ESG factors alongside non-ESG factors would be required to say how ESG is incorporated into the investment process, while ESG impact funds would need to say how they measure progress, the SEC said of the proposed rule.
Funds that emphasize the environment would need to disclose the carbon footprint of their investments.
Opposing the proposal was SEC Commissioner Hester Peirce, a Republican commissioner who said she supported the idea of tightening standards but that the new rules did not adequately define ESG.
The proposal "avoids explicitly defining E, S and G, yet implicitly uses disclosure requirements to induce substantive changes in funds' and advisers' ESG practices," she said. "Investors will pick up the tab for our latest ESG exploits without seeing much benefit."
The SEC plans a 60-day public comment period on the proposal.
A.Santos--PC