MartinKuah
2021-09-07
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SEC Cracks Down On "Dubious" ESG Labels Tied To $35 Trillion In Assets<blockquote>SEC打击与35万亿美元资产相关的“可疑”ESG标签</blockquote>
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Just take a look at a list of the most popular holdings from last year.</p><p><blockquote>但随着专门用于“ESG”基金的资产增长速度开始加快，我们开始注意到，被塞进这些ESG基金的资产看起来与典型的股票基金并没有太大不同。看看去年最受欢迎的持股列表就知道了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69385b0b114f494e953d69b4558993e6\" tg-width=\"1136\" tg-height=\"831\" referrerpolicy=\"no-referrer\">Now, take a look at the top holdings for ESGG, one of the top ESG-focused ETFs</p><p><blockquote>现在，看看ESGG的顶级持股，这是专注于ESG的顶级ETF之一</blockquote></p><p> Top Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney</p><p><blockquote>顶级碳信用额卖家在向摩根大通和迪士尼出售“毫无价值”的抵消额后发起内部调查</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2fe51e23a52b3c25f2b02cc5e36ba76c\" tg-width=\"1280\" tg-height=\"1157\" referrerpolicy=\"no-referrer\">Stocked with blue-chips, these funds don't exactly scream environmentally friendly and socially responsible. One industry insider confirmed as much when he shared a new term:\"green washing\".<b>Since then, we have run at least a half dozen reports about abuses in the ESG space:</b></p><p><blockquote>这些基金持有蓝筹股，但并不完全宣称环保和对社会负责。一位业内人士在分享一个新名词时证实了这一点：“洗绿”。<b>从那时起，我们已经发布了至少六份有关ESG领域滥用行为的报告：</b></blockquote></p><p> <ul> <li>The Fraud That Is ESG Strikes Again: Six Of Top 10 ESG Funds Underperform The S&P500</li> <li>Behold The \"Green\" Scam: Here Are The Most Popular ESG Fund Holdings</li> <li>Nation's Largest ESG Fund Has No Direct Renewable Holdings</li> <li>Top Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney</li> <li>The ESG Threat</li> <li>ESG Investing – The Great Wall Street Money Heist</li> <li>The Gigantic Holes In Anti-Oil ESG Activism</li> <li>More ESG Fraud: BofA Finds That Tech Is One Of The Dirtiest Industries</li> </ul> And that's not all. Just days after SEC chief Gary Gensler said the SEC wanted to push asset management firms and banks to come up with more disclosures surrounding ESG funds and investments, Bloomberg is reporting that the SEC has launched yet another investigation to try and ascertain just how much of the $35 trillion ESG industry is stocked with \"dubious\" funds selling assets with little or nothing to qualify them as \"green\".</p><p><blockquote><ul><li>ESG欺诈再次袭来：前10名ESG基金中有6只表现不佳</li><li>看“绿色”骗局：以下是最受欢迎的ESG基金持股</li><li>美国最大的ESG基金没有直接持有可再生能源</li><li>顶级碳信用额卖家在向摩根大通和迪士尼出售“毫无价值”的抵消额后发起内部调查</li><li>ESG威胁</li><li>ESG投资——华尔街的金钱大劫案</li><li>反石油ESG激进主义的巨大漏洞</li><li>更多ESG欺诈：美国银行发现科技是最肮脏的行业之一</li></ul>这还不是全部。就在美国证券交易委员会主席加里·詹斯勒(Gary Gensler)表示，美国证券交易委员会希望推动资产管理公司和银行披露更多有关ESG基金和投资的信息几天后，彭博社报道称，美国证券交易委员会已启动另一项调查，试图确定价值35万亿美元的ESG行业充斥着“可疑”基金，这些基金出售的资产很少或根本没有资格将其归类为“绿色”。</blockquote></p><p> For several months now, the SEC has been demanding that money managers explain the standards they use for classifying funds as ESG-focused. The review is the SEC's marks the second time the agency has looked into possible ESG mislabeling since last year, a sign that the issue is \"a priority for the agency and a reason for the industry to worry about a rash of enforcement actions,\" according to Bloomberg. Back in April, the SEC released a report claiming that some investment advisors weren't doing nearly enough to ensure that their ESG \"marketing\" rang true. Some violations were so egregious the SEC said they could be in violation of the law. The industry responded by explaining that these types of standards are difficult to assess because every firm has its own definition of what constitutes ESG.</p><p><blockquote>几个月来，SEC一直要求基金经理解释他们将基金归类为以ESG为重点的基金的标准。此次审查是SEC自去年以来第二次调查可能的ESG标签错误，这表明该问题是“该机构的优先事项，也是该行业担心一系列执法行动的原因”。彭博社。早在4月份，SEC就发布了一份报告，声称一些投资顾问在确保他们的ESG“营销”听起来真实方面做得还不够。一些违规行为非常严重，SEC表示它们可能违反了法律。该行业的回应是解释说，这些类型的标准很难评估，因为每个公司对ESG的构成都有自己的定义。</blockquote></p><p> Just the other day, the press revealed an investigation launched by German and US authorities (including the SEC) into whether Deutsche's asset-management arm DWS Group exaggerated the environmental credentials of some investment products. The investigation was launched after a former senior executive blew the whistle. While DWS rejected the claims, its shares tumbled on the news.</p><p><blockquote>就在几天前，媒体披露了德国和美国当局（包括美国证券交易委员会）对德意志银行资产管理部门DWS集团是否夸大了某些投资产品的环保资质展开的调查。调查是在一名前高管揭发后启动的。尽管DWS否认了这些指控，但其股价因消息而暴跌。</blockquote></p><p> Per BBG, the SEC is \"following the money\".</p><p><blockquote>根据BBG的说法，SEC正在“追随金钱”。</blockquote></p><p> \"It is a real area of scrutiny, particularly as it relates to disclosures,” said Morgan Miller, a partner at law firm Paul Hastings in Washington and a former SEC enforcement attorney. The SEC is following the money: Few businesses are booming in high finance like sustainable investing, as governments, pension plans and corporations all seek to lower their carbon footprints and be better public citizens. Amid the rush for dollars, more and more ESG insiders have started sounding alarms that a lot of the marketing is hype, a term known in the industry as greenwashing.</p><p><blockquote>华盛顿Paul Hastings律师事务所合伙人、前SEC执法律师摩根·米勒(Morgan Miller)表示：“这是一个真正需要审查的领域，尤其是涉及到信息披露的问题。SEC正在关注资金：很少有企业像可持续投资这样在高金融领域蓬勃发展，因为政府、养老金计划和企业都在寻求降低碳足迹并成为更好的公众公民。”在对美元的抢购中，越来越多的ESG内部人士开始敲响警钟，称很多营销都是炒作，这个术语在业内被称为“洗绿”。</blockquote></p><p> With Hurricane Ida getting people worked up about \"climate change\" once again, we wouldn't be surprised to see billions more flow into ESG funds over the coming weeks.</p><p><blockquote>随着飓风艾达再次让人们对“气候变化”感到兴奋，未来几周将有数十亿美元流入ESG基金，我们不会感到惊讶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d437677edd477e1f2e43c42b3463d5b7\" tg-width=\"1162\" tg-height=\"774\" referrerpolicy=\"no-referrer\"><i>Source:Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> BBG's sources also claimed that the SEC sent a flurry of letters to investment advisors who were asked to describe \"in painstaking detail\" the process used to ensure assets are worthy of the ESG designation.</p><p><blockquote>BBG的消息人士还声称，SEC向投资顾问发送了一系列信件，要求他们“煞费苦心地详细”描述用于确保资产值得ESG称号的流程。</blockquote></p><p></p><p> Letters that the SEC sent out earlier this year point to some of the agency’s top concerns, said the people who asked not to be named because the correspondence isn’t public. Investment advisers were asked to describe in painstaking detail the screening processes they use to ensure assets are worthy of ESG designations, one of the people said. The SEC also wants to know how firms are grappling with different jurisdictions’ requirements. For instance, Europe has specific standards that money managers must adhere to in making sure assets are green or sustainable. But in the U.S., it’s much murkier. Another SEC query sought information about ESG compliance programs, policies and procedures, a different person said. The SEC additionally asked about statements made by managers in their marketing materials or regulatory filings. Since March, European money managers have had to disclose the actual ESG features of products being touted. In the U.S., no such mandate exists -- prompting confusion among financial firms and investors alike.</p><p><blockquote>因信件未公开而要求匿名的人士表示，美国证券交易委员会今年早些时候发出的信件指出了该机构最关心的一些问题。其中一位知情人士表示，投资顾问被要求煞费苦心地详细描述他们用来确保资产值得ESG称号的筛选流程。美国证券交易委员会还想知道公司如何应对不同司法管辖区的要求。例如，欧洲有特定的标准，基金经理必须遵守这些标准，以确保资产是绿色或可持续的。但在美国，情况要模糊得多。另一位人士表示，SEC的另一项询问寻求有关ESG合规计划、政策和程序的信息。美国证券交易委员会还询问了经理在营销材料或监管文件中的陈述。自3月份以来，欧洲基金经理不得不披露所宣传产品的实际ESG特征。在美国，不存在这样的授权——这在金融公司和投资者中引起了困惑。</blockquote></p><p> But that could soon change, as one source told Bloomberg that the SEC's latest probe was bound to turn up some disappointing discoveries.</p><p><blockquote>但这种情况可能很快就会改变，一位消息人士告诉彭博社，美国证券交易委员会的最新调查肯定会发现一些令人失望的发现。</blockquote></p><p> \"Given the squishiness of what it means to be an ESG investor, I’m suspecting they’re going to find some interesting things,\" Phillip Gillespie, a senior counsel at WilmerHale in Boston, said of the SEC. With regulators in both the US and Europe closing in, the ESG bubble is likely bound to end in a similar manner to the asset bubbles that came before, like the tech bubble, the biotech bubble, etc.: with a brutal crash as investors realize that ESG's promise to save the world while generating alpha is hollow marketing babble, not a viable vision for their investments.</p><p><blockquote>波士顿WilmerHale的高级法律顾问菲利普·吉莱斯皮(Phillip Gillespie)在谈到SEC时表示：“鉴于成为ESG投资者意味着什么，我怀疑他们会发现一些有趣的事情。”随着美国和欧洲监管机构的临近，ESG泡沫很可能会以类似于之前的资产泡沫（如科技泡沫、生物技术泡沫等）的方式结束。：随着投资者意识到ESG在创造阿尔法的同时拯救世界的承诺是空洞的营销胡言乱语，而不是他们投资的可行愿景，这将导致残酷的崩盘。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Cracks Down On \"Dubious\" ESG Labels Tied To $35 Trillion In Assets<blockquote>SEC打击与35万亿美元资产相关的“可疑”ESG标签</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Cracks Down On \"Dubious\" ESG Labels Tied To $35 Trillion In Assets<blockquote>SEC打击与35万亿美元资产相关的“可疑”ESG标签</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-07 17:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If it wasn't already abundantly clear that ESG investing has become one of the hottest investing crazes of the new decade, Cathie Wood's announcement earlier this week that she had applied to the SEC for permission to launch an ESG-focused ETF - the fund will exclude alcohol, banking, chemicals, confectionary, tobacco, oil and gambling stocks, among others - should stand as a rather obvious confirmation.</p><p><blockquote>如果说ESG投资已成为新十年最热门的投资热潮之一还不是很清楚的话，那么凯西·伍德(Cathie Wood)本周早些时候宣布，她已向SEC申请推出一只专注于ESG的ETF的许可——该基金将不包括酒精、银行、化学品、糖果、烟草、石油和赌博股票等——应该是一个相当明显的确认。</blockquote></p><p> But as the pace of growth in terms of assets dedicated to \"ESG\" funds started to accelerate, we started to notice that the assets being stuffed into these ESG funds didn't really look all that different from a typical equity fund. Just take a look at a list of the most popular holdings from last year.</p><p><blockquote>但随着专门用于“ESG”基金的资产增长速度开始加快，我们开始注意到，被塞进这些ESG基金的资产看起来与典型的股票基金并没有太大不同。看看去年最受欢迎的持股列表就知道了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69385b0b114f494e953d69b4558993e6\" tg-width=\"1136\" tg-height=\"831\" referrerpolicy=\"no-referrer\">Now, take a look at the top holdings for ESGG, one of the top ESG-focused ETFs</p><p><blockquote>现在，看看ESGG的顶级持股，这是专注于ESG的顶级ETF之一</blockquote></p><p> Top Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney</p><p><blockquote>顶级碳信用额卖家在向摩根大通和迪士尼出售“毫无价值”的抵消额后发起内部调查</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2fe51e23a52b3c25f2b02cc5e36ba76c\" tg-width=\"1280\" tg-height=\"1157\" referrerpolicy=\"no-referrer\">Stocked with blue-chips, these funds don't exactly scream environmentally friendly and socially responsible. One industry insider confirmed as much when he shared a new term:\"green washing\".<b>Since then, we have run at least a half dozen reports about abuses in the ESG space:</b></p><p><blockquote>这些基金持有蓝筹股，但并不完全宣称环保和对社会负责。一位业内人士在分享一个新名词时证实了这一点：“洗绿”。<b>从那时起，我们已经发布了至少六份有关ESG领域滥用行为的报告：</b></blockquote></p><p> <ul> <li>The Fraud That Is ESG Strikes Again: Six Of Top 10 ESG Funds Underperform The S&P500</li> <li>Behold The \"Green\" Scam: Here Are The Most Popular ESG Fund Holdings</li> <li>Nation's Largest ESG Fund Has No Direct Renewable Holdings</li> <li>Top Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney</li> <li>The ESG Threat</li> <li>ESG Investing – The Great Wall Street Money Heist</li> <li>The Gigantic Holes In Anti-Oil ESG Activism</li> <li>More ESG Fraud: BofA Finds That Tech Is One Of The Dirtiest Industries</li> </ul> And that's not all. Just days after SEC chief Gary Gensler said the SEC wanted to push asset management firms and banks to come up with more disclosures surrounding ESG funds and investments, Bloomberg is reporting that the SEC has launched yet another investigation to try and ascertain just how much of the $35 trillion ESG industry is stocked with \"dubious\" funds selling assets with little or nothing to qualify them as \"green\".</p><p><blockquote><ul><li>ESG欺诈再次袭来：前10名ESG基金中有6只表现不佳</li><li>看“绿色”骗局：以下是最受欢迎的ESG基金持股</li><li>美国最大的ESG基金没有直接持有可再生能源</li><li>顶级碳信用额卖家在向摩根大通和迪士尼出售“毫无价值”的抵消额后发起内部调查</li><li>ESG威胁</li><li>ESG投资——华尔街的金钱大劫案</li><li>反石油ESG激进主义的巨大漏洞</li><li>更多ESG欺诈：美国银行发现科技是最肮脏的行业之一</li></ul>这还不是全部。就在美国证券交易委员会主席加里·詹斯勒(Gary Gensler)表示，美国证券交易委员会希望推动资产管理公司和银行披露更多有关ESG基金和投资的信息几天后，彭博社报道称，美国证券交易委员会已启动另一项调查，试图确定价值35万亿美元的ESG行业充斥着“可疑”基金，这些基金出售的资产很少或根本没有资格将其归类为“绿色”。</blockquote></p><p> For several months now, the SEC has been demanding that money managers explain the standards they use for classifying funds as ESG-focused. The review is the SEC's marks the second time the agency has looked into possible ESG mislabeling since last year, a sign that the issue is \"a priority for the agency and a reason for the industry to worry about a rash of enforcement actions,\" according to Bloomberg. Back in April, the SEC released a report claiming that some investment advisors weren't doing nearly enough to ensure that their ESG \"marketing\" rang true. Some violations were so egregious the SEC said they could be in violation of the law. The industry responded by explaining that these types of standards are difficult to assess because every firm has its own definition of what constitutes ESG.</p><p><blockquote>几个月来，SEC一直要求基金经理解释他们将基金归类为以ESG为重点的基金的标准。此次审查是SEC自去年以来第二次调查可能的ESG标签错误，这表明该问题是“该机构的优先事项，也是该行业担心一系列执法行动的原因”。彭博社。早在4月份，SEC就发布了一份报告，声称一些投资顾问在确保他们的ESG“营销”听起来真实方面做得还不够。一些违规行为非常严重，SEC表示它们可能违反了法律。该行业的回应是解释说，这些类型的标准很难评估，因为每个公司对ESG的构成都有自己的定义。</blockquote></p><p> Just the other day, the press revealed an investigation launched by German and US authorities (including the SEC) into whether Deutsche's asset-management arm DWS Group exaggerated the environmental credentials of some investment products. The investigation was launched after a former senior executive blew the whistle. While DWS rejected the claims, its shares tumbled on the news.</p><p><blockquote>就在几天前，媒体披露了德国和美国当局（包括美国证券交易委员会）对德意志银行资产管理部门DWS集团是否夸大了某些投资产品的环保资质展开的调查。调查是在一名前高管揭发后启动的。尽管DWS否认了这些指控，但其股价因消息而暴跌。</blockquote></p><p> Per BBG, the SEC is \"following the money\".</p><p><blockquote>根据BBG的说法，SEC正在“追随金钱”。</blockquote></p><p> \"It is a real area of scrutiny, particularly as it relates to disclosures,” said Morgan Miller, a partner at law firm Paul Hastings in Washington and a former SEC enforcement attorney. The SEC is following the money: Few businesses are booming in high finance like sustainable investing, as governments, pension plans and corporations all seek to lower their carbon footprints and be better public citizens. Amid the rush for dollars, more and more ESG insiders have started sounding alarms that a lot of the marketing is hype, a term known in the industry as greenwashing.</p><p><blockquote>华盛顿Paul Hastings律师事务所合伙人、前SEC执法律师摩根·米勒(Morgan Miller)表示：“这是一个真正需要审查的领域，尤其是涉及到信息披露的问题。SEC正在关注资金：很少有企业像可持续投资这样在高金融领域蓬勃发展，因为政府、养老金计划和企业都在寻求降低碳足迹并成为更好的公众公民。”在对美元的抢购中，越来越多的ESG内部人士开始敲响警钟，称很多营销都是炒作，这个术语在业内被称为“洗绿”。</blockquote></p><p> With Hurricane Ida getting people worked up about \"climate change\" once again, we wouldn't be surprised to see billions more flow into ESG funds over the coming weeks.</p><p><blockquote>随着飓风艾达再次让人们对“气候变化”感到兴奋，未来几周将有数十亿美元流入ESG基金，我们不会感到惊讶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d437677edd477e1f2e43c42b3463d5b7\" tg-width=\"1162\" tg-height=\"774\" referrerpolicy=\"no-referrer\"><i>Source:Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> BBG's sources also claimed that the SEC sent a flurry of letters to investment advisors who were asked to describe \"in painstaking detail\" the process used to ensure assets are worthy of the ESG designation.</p><p><blockquote>BBG的消息人士还声称，SEC向投资顾问发送了一系列信件，要求他们“煞费苦心地详细”描述用于确保资产值得ESG称号的流程。</blockquote></p><p></p><p> Letters that the SEC sent out earlier this year point to some of the agency’s top concerns, said the people who asked not to be named because the correspondence isn’t public. Investment advisers were asked to describe in painstaking detail the screening processes they use to ensure assets are worthy of ESG designations, one of the people said. The SEC also wants to know how firms are grappling with different jurisdictions’ requirements. For instance, Europe has specific standards that money managers must adhere to in making sure assets are green or sustainable. But in the U.S., it’s much murkier. Another SEC query sought information about ESG compliance programs, policies and procedures, a different person said. The SEC additionally asked about statements made by managers in their marketing materials or regulatory filings. Since March, European money managers have had to disclose the actual ESG features of products being touted. In the U.S., no such mandate exists -- prompting confusion among financial firms and investors alike.</p><p><blockquote>因信件未公开而要求匿名的人士表示，美国证券交易委员会今年早些时候发出的信件指出了该机构最关心的一些问题。其中一位知情人士表示，投资顾问被要求煞费苦心地详细描述他们用来确保资产值得ESG称号的筛选流程。美国证券交易委员会还想知道公司如何应对不同司法管辖区的要求。例如，欧洲有特定的标准，基金经理必须遵守这些标准，以确保资产是绿色或可持续的。但在美国，情况要模糊得多。另一位人士表示，SEC的另一项询问寻求有关ESG合规计划、政策和程序的信息。美国证券交易委员会还询问了经理在营销材料或监管文件中的陈述。自3月份以来，欧洲基金经理不得不披露所宣传产品的实际ESG特征。在美国，不存在这样的授权——这在金融公司和投资者中引起了困惑。</blockquote></p><p> But that could soon change, as one source told Bloomberg that the SEC's latest probe was bound to turn up some disappointing discoveries.</p><p><blockquote>但这种情况可能很快就会改变，一位消息人士告诉彭博社，美国证券交易委员会的最新调查肯定会发现一些令人失望的发现。</blockquote></p><p> \"Given the squishiness of what it means to be an ESG investor, I’m suspecting they’re going to find some interesting things,\" Phillip Gillespie, a senior counsel at WilmerHale in Boston, said of the SEC. With regulators in both the US and Europe closing in, the ESG bubble is likely bound to end in a similar manner to the asset bubbles that came before, like the tech bubble, the biotech bubble, etc.: with a brutal crash as investors realize that ESG's promise to save the world while generating alpha is hollow marketing babble, not a viable vision for their investments.</p><p><blockquote>波士顿WilmerHale的高级法律顾问菲利普·吉莱斯皮(Phillip Gillespie)在谈到SEC时表示：“鉴于成为ESG投资者意味着什么，我怀疑他们会发现一些有趣的事情。”随着美国和欧洲监管机构的临近，ESG泡沫很可能会以类似于之前的资产泡沫（如科技泡沫、生物技术泡沫等）的方式结束。：随着投资者意识到ESG在创造阿尔法的同时拯救世界的承诺是空洞的营销胡言乱语，而不是他们投资的可行愿景，这将导致残酷的崩盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/sec-cracks-down-dubious-esg-labels-tied-35-trillion-assets\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/sec-cracks-down-dubious-esg-labels-tied-35-trillion-assets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106783631","content_text":"If it wasn't already abundantly clear that ESG investing has become one of the hottest investing crazes of the new decade, Cathie Wood's announcement earlier this week that she had applied to the SEC for permission to launch an ESG-focused ETF - the fund will exclude alcohol, banking, chemicals, confectionary, tobacco, oil and gambling stocks, among others - should stand as a rather obvious confirmation.\nBut as the pace of growth in terms of assets dedicated to \"ESG\" funds started to accelerate, we started to notice that the assets being stuffed into these ESG funds didn't really look all that different from a typical equity fund. Just take a look at a list of the most popular holdings from last year.\nNow, take a look at the top holdings for ESGG, one of the top ESG-focused ETFs\nTop Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney\nStocked with blue-chips, these funds don't exactly scream environmentally friendly and socially responsible. One industry insider confirmed as much when he shared a new term:\"green washing\".Since then, we have run at least a half dozen reports about abuses in the ESG space:\n\nThe Fraud That Is ESG Strikes Again: Six Of Top 10 ESG Funds Underperform The S&P500\nBehold The \"Green\" Scam: Here Are The Most Popular ESG Fund Holdings\nNation's Largest ESG Fund Has No Direct Renewable Holdings\nTop Carbon-Credit-Seller Launches Internal Probe After Selling \"Worthless\" Offsets To JPMorgan, Disney\nThe ESG Threat\nESG Investing – The Great Wall Street Money Heist\nThe Gigantic Holes In Anti-Oil ESG Activism\nMore ESG Fraud: BofA Finds That Tech Is One Of The Dirtiest Industries\n\nAnd that's not all. Just days after SEC chief Gary Gensler said the SEC wanted to push asset management firms and banks to come up with more disclosures surrounding ESG funds and investments, Bloomberg is reporting that the SEC has launched yet another investigation to try and ascertain just how much of the $35 trillion ESG industry is stocked with \"dubious\" funds selling assets with little or nothing to qualify them as \"green\".\nFor several months now, the SEC has been demanding that money managers explain the standards they use for classifying funds as ESG-focused. The review is the SEC's marks the second time the agency has looked into possible ESG mislabeling since last year, a sign that the issue is \"a priority for the agency and a reason for the industry to worry about a rash of enforcement actions,\" according to Bloomberg. Back in April, the SEC released a report claiming that some investment advisors weren't doing nearly enough to ensure that their ESG \"marketing\" rang true. Some violations were so egregious the SEC said they could be in violation of the law. The industry responded by explaining that these types of standards are difficult to assess because every firm has its own definition of what constitutes ESG.\nJust the other day, the press revealed an investigation launched by German and US authorities (including the SEC) into whether Deutsche's asset-management arm DWS Group exaggerated the environmental credentials of some investment products. The investigation was launched after a former senior executive blew the whistle. While DWS rejected the claims, its shares tumbled on the news.\nPer BBG, the SEC is \"following the money\".\n\n \"It is a real area of scrutiny, particularly as it relates to disclosures,” said Morgan Miller, a partner at law firm Paul Hastings in Washington and a former SEC enforcement attorney.\n\nThe SEC is following the money: Few businesses are booming in high finance like sustainable investing, as governments, pension plans and corporations all seek to lower their carbon footprints and be better public citizens. Amid the rush for dollars, more and more ESG insiders have started sounding alarms that a lot of the marketing is hype, a term known in the industry as greenwashing.\nWith Hurricane Ida getting people worked up about \"climate change\" once again, we wouldn't be surprised to see billions more flow into ESG funds over the coming weeks.\nSource:Bloomberg\nBBG's sources also claimed that the SEC sent a flurry of letters to investment advisors who were asked to describe \"in painstaking detail\" the process used to ensure assets are worthy of the ESG designation.\n\n Letters that the SEC sent out earlier this year point to some of the agency’s top concerns, said the people who asked not to be named because the correspondence isn’t public.\n\n\n Investment advisers were asked to describe in painstaking detail the screening processes they use to ensure assets are worthy of ESG designations, one of the people said. The SEC also wants to know how firms are grappling with different jurisdictions’ requirements. For instance, Europe has specific standards that money managers must adhere to in making sure assets are green or sustainable. But in the U.S., it’s much murkier.\n\n\n Another SEC query sought information about ESG compliance programs, policies and procedures, a different person said. The SEC additionally asked about statements made by managers in their marketing materials or regulatory filings.\n\nSince March, European money managers have had to disclose the actual ESG features of products being touted. In the U.S., no such mandate exists -- prompting confusion among financial firms and investors alike.\nBut that could soon change, as one source told Bloomberg that the SEC's latest probe was bound to turn up some disappointing discoveries.\n\n \"Given the squishiness of what it means to be an ESG investor, I’m suspecting they’re going to find some interesting things,\" Phillip Gillespie, a senior counsel at WilmerHale in Boston, said of the SEC.\n\nWith regulators in both the US and Europe closing in, the ESG bubble is likely bound to end in a similar manner to the asset bubbles that came before, like the tech bubble, the biotech bubble, etc.: with a brutal crash as investors realize that ESG's promise to save the world while generating alpha is hollow marketing babble, not a viable vision for their investments.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/880984790"}
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