The regulations, which the SEC will vote on during a meeting Wednesday in Washington, would be its most sweeping overhaul for fund-labeling regulations in more than two decades. Backers say the measures in particular will help rein in overblown claims about environmental, social or governance investments.
The new SEC rules would apply to funds with trillions of dollars in assets combined. In addition to ESG, they would impact thematic investment strategies with labels like “growth” or “value.” The agency also would bolster its long-existing requirements that a fund generally invest 80% of its assets in line with the stated focus.
Additionally, funds with an 80% investment strategy will have to define for investors the terms used in its name, and spell out the strategy they entail. Funds also will have additional record-keeping requirements.Separate from the rules overhaul, the SEC brought cases against some of Wall Street’s best-known firms last year related to their fund labeling.
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