Canada Securities Watchdog Seeks First Greenwashing Sanction

(Bloomberg) -Kanada’s largest securities regulator, a fund manager by the so-called green washing action is performing the first action.

The Ontario Menkul Assets Commission claims to make explanations about how Investments Ins Investments Inc., which is based on Toronto, includes the Environmental, Social and Government factors of misleading, wrong and managed funds ”.

The regulator implied that he placed the ESG principles in the entire process between September 2019 and March 2023, in a file on Friday. Surveillance follows Som Seif’s ability to operate in Ontario and solutions that may affect financial sanctions.

Regulator, Objective and SEIF’s ESG identity information, including the website and media talks of the ESG identity information, including at least 19 times pointed out.

“In fact, the aim did not take into account the investment decisions for many funds he managed ESG” and claimed that he was not an official ESG policy.

Although the OIC OSC said that the OSC was 75%, the amount of purpose considering the ESG was less than 35% of the assets under administration in 2019.

The aim is to object to the enforcement action. A hearing is planned on October 6.

In an interview, Seif said that the OSC is damaging the investor or that he did not claim the violations of prospectus. The company said in a statement that there is no case based on investor complaints.

In 2023, the goal updated his descriptions and explained which funds were classified as ESG after demanding the OSC.

SEIF said that there is no indication that demand would lead to execution action.

“Obviously, we were quite surprised by the decision of the Oscar to use the executive platforms to pursue such a minimum,” he said.

ESG investment funds globally, the authorities-especially the European Union-Climate explanations, because they have fallen under re-labeling pressure. According to Bloomberg Intelligence analysts, the fund re -branding rose five times more annually in the first quarter.

“In fact, this is a completely different story, and I think it’s very logical, Se said Seif. “None of our funds had ESG in their titles, and none of our funds had ESG in their prospectus targets or strategies.”

(Updates with Som Seif’s comments that started in the eighth paragraph.)

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