The ESG register · United States

SEC Investment Company Names Rule

At least 80 percent of assets must follow the focus the name states, with a definition in the prospectus.

Identifier

17 CFR § 270.35d-1 (Release IC-35000)

Status

phased

Applies

2025-06-11

Supervisor

U.S. Securities and Exchange Commission

Who is covered

Registered funds whose names suggest an investment focus, including ESG-related names.

Requirements in the text

• 17 CFR § 270.35d-1(a)

  The 80 percent policy

  A fund whose name suggests particular investments, an industry, or characteristics such as environmental, social or governance factors must adopt a policy to invest at least 80 percent of the value of its assets in line with that name. The policy is tested on an ongoing basis, and a departure must normally be cured within the period the rule states. The name may not be materially deceptive even where the 80 percent policy is met.

  Example , A fund with climate in its name holds 83 percent in companies meeting its climate criteria and documents the test quarterly.

• 17 CFR § 270.35d-1(b)

  Definition of the terms in the fund name

  The fund must define in its prospectus the terms in its name that underpin the 80 percent policy, and the definition must be consistent with the term's plain meaning. The fund must also state the criteria used in selection and how compliance is measured, and keep the records the rule prescribes.

  Example , A fund calling itself sustainable defines the term as companies with an approved transition plan and no thermal coal revenue, rather than referring to an unexplained internal score.

Counterpart in the other regime

• SFDR · EU · Förordning (EU) 2019/2088: CELEX 32019R2088
• Taxonomin · EU · Förordning (EU) 2020/852: CELEX 32020R0852
• EuGB · EU · Förordning (EU) 2023/2631: CELEX 32023R2631

Official source - eCFR, 17 CFR § 270.35d-1 · read 2026-09-01 · Taxonomy and financial products