US SEC unveils ESG labelling rules for mutual funds

The amendment has updated the ‘Names Rule' under the Investment Company Act to ensure the name of a fund "adequately and accurately represents the investment strategy of the fund", the SEC said. The rule also takes aim funds using terms such as 'growth' and 'value', which the industry has pushed back on because different firms define those strategies differently. Previously, the names rule required funds that had a name suggesting a particular type of investment to have at least 80% of its assets in the suggested investment. FCA consultation closes: Respondents raise concerns over ...