Aggregated News From Investment Management Regulators

DOL Proposes Rule Restricting ESG Investing

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On June 23, 2020, the U.S. Department of Labor (the “DOL”) issued a proposed rule (the “Proposed Rule”) that would make it more difficult for employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to select investments based on environmental, social and corporate governance (“ESG”) factors. (The Proposed Rule also covers other non-pecuniary investment strategies, such as impact investing, but the principal focus seems to be ESG investment strategies.) Because it is possible that the Proposed Rule could be finalized before the end of the year, ERISA plan sponsors and investment managers, as well as the sponsors of ESG-focused investment funds (and other non-pecuniary investment strategies), should consider the potential impact of the Proposed Rule on their investment allocations and strategies.

Read the full article from Paul Hastings here: https://www.paulhastings.com/publications-items/details?id=3863ae6f-2334-6428-811c-ff00004cbded

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