Last year, fund managers, including industry heavyweights such as BlackRock and Amundi, descended into a wave of SFDR reclassifications that revealed deep gaps in how the regulation was being interpreted. Analysts at Goldman Sachs Group Inc. estimate that the episode resulted in SFDR's most stringent ESG disclosure category — Article 9 — being stripped from about $240 billion worth of client assets. DWS, which last month agreed to pay $19 million to settle the U.S. Securities and Exchange Commission's probe into its alleged ESG misstatements, was among asset managers downgrading Article 9 funds.