With legislators in five states signaling their determination to regulate environmental, social and governance investing by prefiling bills for 2023, investment managers trying to predict the future of ESG regulation should study three trends common to these proposed state laws, say Lance Dial and Rachel Mann at Morgan Lewis. With legislators in five states signaling their determination to regulate environmental, social and governance investing by prefiling bills for 2023, investment managers trying to predict the future of ESG regulation should study three trends common to these proposed state laws, say Lance Dial and Rachel Mann at Morgan Lewis.