© Reuters. FILE PHOTO: Children play as caked clay is seen in the dried up municipal dam in drought-stricken Graaff-Reinet, South Africa, November 17, 2019. Picture taken November 17, 2019. REUTERS/Mike Hutchings/File Photo

(Reuters) – The U.S. securities regulator has been asking money managers to explain the standards they use for classifying funds as environmental, social and governance (ESG)-focused for several months, Bloomberg News reported, citing people familiar with the matter.

This is the second such review by the U.S. Securities and Exchange Commission (SEC) after the regulator in April found “potentially misleading” claims and inadequate controls around investing in ESG issues in a review of investment advisors and funds. https://reut.rs/3yHrpLx

Investment advisers were asked to describe in “painstaking detail” the screening processes they use to ensure assets are worthy of ESG designations, according to the report on Friday. https://bloom.bg/3gZLhTU

Another SEC query sought information on ESG compliance programs, policies and procedures, the report said, citing a different source.

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