SEC Fines BNY Mellon Unit Over ESG Claims
May 23 2022 - 10:18AM
Dow Jones News
By Dean Seal
The investment management wing of Bank of New York Mellon Corp.
will pay the U.S. Securities and Exchange Commission a $1.5 million
fine to resolve claims of misstatements and omissions about
environmental, social and governance considerations in its
investment decision-making for certain mutual funds that it
manages.
BNY Mellon Investment Adviser Inc. neither admits nor denies SEC
allegations that between July 2018 and September 2021 it said that
all investments in its funds had gone through an ESG quality
review, despite the fact that numerous investments by some of those
funds didn't have a review score at the time of investment.
The SEC filed a settled action on Monday that calls for the BNY
Mellon unit to pay a $1.5 million penalty. The regulator has been
taking a harder look at ESG investment disclosures ever since the
launch of its enforcement division's Climate and ESG Task Force in
March 2021.
A spokesperson for the bank didn't immediately respond to a
request for comment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 23, 2022 10:03 ET (14:03 GMT)
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