![]() ![]() ![]() ![]() “Incorporat a social objective” means considering “socially responsible criteria in the investment or commitment of client funds for the purpose of seeking to obtain an effect other than the maximization of financial return to the client.”.In June 2023, the Missouri Securities Division adopted two rules applicable to broker-dealers, investment advisers, and their agents and representatives (the “Affected Persons”). The rules deem Affected Persons to engage in dishonest or unethical business practices in Missouri if those persons do not disclose to clients or prospective clients that the Affected Person “incorporates a social objective or other nonfinancial objective” into any discretionary investment decision or any advice or solicitation to buy or sell a security. Ashcroft – upholds a noteworthy response from the securities industry to the anti-ESG backlash that has emerged in the past few years and has politicized investment decisionmaking. Public Services, Infrastructure, TransportationĪ federal district court in Missouri recently denied a motion to dismiss the Securities Industry and Financial Markets Association’s (“SIFMA’s”) challenge to Missouri Securities Division rules that require financial firms and professionals to obtain clients’ signatures on state-prescribed documents before providing advice that “incorporates a social or nonfinancial objective.” The decision – Securities Industry and Financial Markets Association v. ![]()
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