At an open meeting on May 25, 2022, the US Securities and Exchange Commission (“SEC” or “Commission”) approved two new proposals regarding ESG that will impact the fund and investment management industry. One of the proposals is directed solely at registered funds and business development companies (BDCs), while the other applies to registered funds, BDCs, registered investment advisers (RIAs) and exempt reporting advisers (ERAs). Our Legal Update here discusses both proposals, which are quite lengthy (coming in at over 550 pages in total). We summarize what was discussed at the open meeting (and initial reactions to what was discussed), note what was highlighted in the relevant fact sheets, take deeper dives into a few specific points of interest and provide links to the relevant materials. We will provide more in-depth analysis of these proposals in a separate publication in the coming days.