The importance of environmental, social, and corporate governance (ESG) is growing and globally impacting the asset management industry. The European regime on sustainability-related disclosures in the financial sector will affect European and non-European asset managers from March 2021. While there is no dedicated ESG regime in the U.S., investor demand is driving change and the existing regulatory framework has been used increasingly to review ESG related disclosures. This article discusses different approaches to ESG regulation in the E.U. and U.S.