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CSA Staff Notice 81 -334 (Revised) ESG-Related Investment Fund Disclosure
Part E. Key Findings and Guidance
XI. Sales communications

Guidance on sales communications: (d) Sales communications that reference a fund’s ESG performance

A fund must not include misleading statements in its sales communications about the ESG performance or ESG-related outcomes of the fund.51

Examples of such sales communications may include those that do any of the following:

  • make inaccurate claims about the fund’s ESG performance or results
  • make inaccurate claims about the existence of a direct causal link between the fund’s investment strategies and ESG performance or results
  • manipulate elements of disclosure to present the fund’s ESG performance or results in a positive light, such as cherry-picking data.

51 See Footnote 43.