VIII. Sales Communications
CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure [Part G Guidance]
Part G Guidance
Section (b)

Sales communications that reference a fund’s ESG performance

A fund must not include misleading statements in its sales communications about the ESG performance of the fund. Examples of such sales communications may include those that:

  • 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; or
  • manipulate elements of disclosure to present the fund’s ESG performance or results in a positive light, such as cherry-picking data.