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CSA Introduce Guidance on ESG-Related Investment Fund Disclosure

January 27, 2022

On January 19, 2022, the Canadian Securities Administrators (the “CSA”) released Staff Notice 81-334 (the “Notice”), which provides guidance on the disclosure practices of investment funds as they relate to environmental, social and governance (“ESG”) considerations. The Notice states that the guidance is particularly directed to retail investment funds whose investment objectives reference ESG factors, however it can be expected that this guidance will impact prospectus exempt investment fund offerings and offerings by non-investment funds with similar ESG considerations (for example, private equity and debt fund offerings). The Notice states that the guidance is based on existing regulatory requirements but is in response to a lack of quality of, and general confusion surrounding, ESG-related disclosure and sales communications. The Notice provides a useful summary of ESG-related terms and strategies as well as an update on recent international and domestic developments.

The guidance provided in the Notice is based on existing securities regulatory requirements and does not create nor does it modify any existing laws and regulations.

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