On September 26th, the Securities and Exchange Commission (SEC) fined DWS Investment Management Americas Inc. (DIMA), a subsidiary of Deutsche Bank, for making misleading statements regarding its Environmental, Social, and Governance (ESG) investment process. DIMA, which marketed itself as a leader in ESG investing, failed to adequately implement its global ESG integration policy from August 2018 to late 2021, contrary to what it led clients and investors to believe. As a result, DIMA has agreed to settle this with a $19 million penalty payout. 

Trade settlement cycles will be transitioning from T+2 to T+1 in April 2024, aiming to promote market efficiency, strengthen investor protection and reduce counterparty and market risk. However, this change will present obstacles for Non-US ETF’s.   

On June 16th the SEC published a press release detailing the charges against the Pacific Investment Management Company LLC (PIMCO). PIMCO is one of the largest global asset managers in the world with nearly 3,500 employees worldwide and >$1.8 trillion in Assets Under Management (AUM) as of March 2023.