Regulators in both Europe and the U.S. continue to take enforcement action against so-called “greenwashing” – the overstatement or misstatement of the extent to which a firm incorporates environmental, social and governance (ESG) and/or sustainability considerations into its investment processes and products. In light of the backlash against ESG in the U.S., some firms may want to downplay or omit their use of ESG criteria in investor-facing documents, but this so-called “greenhushing” is also risky. To help fund managers negotiate these murky waters, a Herbert Smith Freehills Kramer program held in Q4 of 2025 examined the current regulatory approaches to greenwashing and greenhushing in the U.S., U.K. and E.U.; how firms can craft compliant ESG and sustainability disclosures and marketing materials; and how regulators are using artificial intelligence in supervising these areas. The program featured Herbert Smith Freehills Kramer partners Yasho Lahiri and Heike Schmitz, as well as associates Nia Goodman, Sousan Gorji and Leonie Timmers. This article synthesizes their remarks. See “Key Developments & Considerations in ESG Regulations for Asset Managers Navigating Global Compliance Duties” (May 23, 2024); and “SEC Levies $19‑Million Fine on Deutsche Bank Subsidiary for Failing to Implement ESG Policies” (Jan. 4, 2024).