In Sign of Cases to Come, SEC Fines BNY Mellon $1.5M Over ESG Disclosures for Mutual Funds
The SEC launched an ESG task force last year, a reflection of heightened scrutiny of the sector that's expected to create myriad legal and regulatory headaches for corporate legal departments.
May 23, 2022 at 11:46 AM
2 minute read
Financial Services and Banking
The U.S. Securities and Exchange Commission on Monday said it slapped the investment arm of Bank of New York Mellon Corp. with a $1.5 million fine for making ESG-related misstatements for certain mutual funds it managed.
The SEC said that from July 2018 through September 2021, BNY Mellon Investment Adviser stated or implied that all investments in the funds had undergone an ESG quality review, even though numerous investments actually had not undergone that scrutiny.
New York-based BNY Mellon settled the matter without admitting or denying the allegations. It agreed to a cease-and-desist order, a censure and the penalty.
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