Demand for investments that take into account ESG factors continues to grow. ESG investing, however, poses certain challenges for fund managers. A Dechert program took a deep dive into the most pressing issues that fund managers interested in pursuing ESG strategies are likely to face. The program featured partners Julien Bourgeois; Anthony S. Kelly, who was the former Co‑Chief of the Asset Management Unit of the SEC’s Division of Enforcement; Andrew L. Oringer; Mark D. Perlow; and Mikhaelle Schiappacasse. The first article in this two-part series presents the key insights from the program on ESG in the U.S. regulatory landscape, including issues unique to ERISA fiduciaries, private funds, managed accounts and registered funds; SEC examination and enforcement focus; and strategies for ensuring compliance when embracing ESG. The second article addresses E.U and global ESG developments, including E.U. and global leadership; disclosure, taxonomy and low-carbon benchmarks regulations; and other E.U. initiatives. See “The E.U. Sustainable Finance Disclosure Regulation: New Disclosures for U.S. Asset Managers” (May 6, 2021); and our two-part series “Navigating the Evolving Legal and Regulatory ESG Investing Terrain”: Part One (Nov. 19, 2020); and Part Two (Dec. 10, 2020).