United Kingdom | Publication | October 2023
In this latest financial services ESG briefing we compare the regimes that are being developed by EU, US and UK regulators as regards fund names. Investor demand for investment funds that incorporate environmental, social and governance factors have grown and will continue to grow in the future. The name of a fund is important as it is usually the first fund attribute that investors see and can have a significant impact on investment decisions. Financial services regulators are aware of this and have concerns regarding greenwashing.
In response in the EU, the European Securities and Markets Authority is consulting on draft guidelines on funds’ names using ESG or sustainability-related terms. In the UK, the Financial Conduct Authority is consulting on sustainable investment labels and a general anti-greenwashing rule. In the US, amendments are being proposed to rule 35d-18 of the Investment Company Act of 1940 (also known as the “Names Rule”) to expand its scope to apply to any fund name with terms that suggest, among others, investment decisions incorporating one or more ESG factors.
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On June 26, Bill C-5, the One Canadian Economy Act, received royal assent. The One Canadian Economy Act introduces two pieces of legislation aimed at bolstering economic development in Canada.
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In this edition we report on the Law Commission’s interim statement on 1954 Act reform following its two November consultations. We then examine the facts, judgments and implications of 3 recent cases: Emily Colville comments on the progress of a case determining whether or not a roof top garden should be considered a “storey” for the purposes of the Building Safety Act 2022.
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