SEC fines BNY Mellon Investment Adviser $1.5m for greenwashing

Lauren Mason
clock • 1 min read

BNY Mellon's Investment Adviser arm has agreed to pay the US Securities and Exchange Commission $1.5m in penalties following "misstatements and omissions" about its ESG approach to managing funds. According to a statement issued by the SEC yesterday (23 May), BNY Mellon Investment Adviser suggested it had embedded ESG quality reviews into all of its funds, which the federal agency found was "not always the case", As such, BNY Mellon was found to have violated two sections under the Investment Advisers Act of 1940 and numerous rules under the Investment Company Act. Alongside paying a ...

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