May 4, 2020
Dear Commissioners: We hope this finds you each well during these uncertain times. Nia Impact Capital is writing to offer our response to the request for comment on 17 CFR 270.35d-1 (“rule 35d-1” or the “Names Rule”) under the Investment Company Act of 1940 (“Investment Company Act” or “Act”). Nia is an impact investment management firm, based in Oakland, California. At Nia, our core objective is to generate a competitive rate of return for our clients, while creating a positive impact for investors, for society and for our planet. The companies in which Nia invests meet our strict high impact, solutions-focused social and environmental standards. We would like to direct our comments to the Commissioners’ questions related to the Names Rule’s applicability to terms such as “ESG” or “sustainable.” We do not believe it would be appropriate to apply the Names Rule to the use of these terms, or to characterizations of funds. The terms "sustainable" and "ESG" are still quite subjective in nature, and are often controversial. We do not believe the industry or individual investors will be served by creating quantitative obligations for labels and terms that are subjective. However, consumers do need greater transparency surrounding the methods, policies and environmental, social or governance implications of these funds. As such, we request that the Commissioners encourage greater fund disclosures and seek to ensure that consumers have access to sufficient information to make informed decisions. Thank you for your work on this important issue. Sincerely, Kristin Kristin Hull, PhD Founder, CEO Nia Impact Capital