August 16, 2023
Released earlier this month:
Date: August 2, 2023
Contact: Joe Rubino
Secretary of State’s Office Seeks Public Comment on Proposed Amendments to Chapters 2, 4, 5, and 10 of its
Securities Rules to Require Disclosure of ESG Investing
CHEYENNE, WY – On August 2, 2023, the Office of the Secretary of State filed its Notice of Intent to amend Chapters 2, 4, 5, and 10 of its Securities Rules with the Wyoming Administrative Rules System to require disclosure of Environmental, Social, and Governance (“ESG”) investment strategies by requiring investment advisers, broker-dealers, and securities agents to disclose to their customers or clients whether they are incorporating a social objective, i.e. whether they are considering social criteria, in the investment or commitment of customer or client funds. Copies of the proposed rules may be obtained on the Wyoming Administrative Rules System: https://rules.wyo.gov by using the advanced search for proposed rules, or by contacting the Secretary of State’s Office, 122 W. 25th St, Ste. 100,
Cheyenne, WY 82002, (307) 777-7378.
“I am deeply disturbed by the negative impact ESG investing has on the people of Wyoming,” Secretary of State Chuck Gray said. “ESG investments maliciously target Wyoming’s core industries by divesting from its coal, natural gas, and agricultural sectors. Also, ESG investing harms those whose hard-earned money is being invested through investment strategies which do not consider the highest financial return. With an increasing trend of mutual funds and brokerage firms being pressured by woke politicians to offer investment products which employ ESG principles, we must take an active role to protect our state and consumers. Our Office’s proposed rule, which requires investment advisers, broker
dealers, and securities agents to disclose to their clients when they are using their clients’ funds to engage in ESG investment strategies, is the first concrete action taking on ESG in Wyoming.”
Public comments regarding the rules may be submitted by email via the Rules System at http://rules.wyo.gov by using advanced search for proposed rules and the “Provide Public Comment” link, or by emailing comments directly to Joe.Rubino1@wyo.gov. The public comment period ends September 29, 2023. A public comment hearing on the proposed rules has been scheduled for September 29, 2023 at 10:00 AM MST at the Capitol Extension Conference Center Auditorium, Cheyenne, WY 82002. Members of the public may attend virtually by registering via Zoom here.