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Securities Compliance Podcast: Compliance in Context

Season 4 Episode 2

In Season 4, Episode 2 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes welcomes Sara Donaldson and Adam Aderton to do a deep dive into the wellspring of legal and compliance issues surrounding the topic of ESG, including an analysis of all the recent rulemaking in this space and what the practical application of these rules could mean for firms and their respective compliance programs. In the Headlines section, Patrick examines the SEC examination priorities for 2023, and finally, Patrick wraps up the show with another installment of What’s On My Mind, where an old subway incident can teach us about seeing the extraordinary in the everyday and showing a little appreciation for our compliance officer family.


Interview with Sara Donaldson and Adam Aderton

  • Introduction to ESG

  • What is the recent impact of ESG on the broader markets?

  • What is the rule proposal regarding Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices?

  • What is the Names Rule proposal discussing rule changes to prevent misleading or deceptive fund names?

  • What are the final amendments to Form N-PX and additional proxy voting disclosures?

  • What does the active rulemaking in this space tell us about the state of the SEC broadly?

  • What are we seeing from the SEC in the ESG enforcement space?

  • In applying ESG, how are issues getting visibility, disclosures being drafted, and policies and procedures being written and tested?

What’s On My Mind

  • Joshua Bell plays violin in the DC Metro subway

  • Finding the extraordinary in the everyday


16:34 – “Even if you don’t consider yourself an ESG manager, but you’ve told investors that you consider ESG factors in making investment decisions (perhaps from a financial materiality standpoint), these rules could affect you and scope you in to being an integrational fund manager, depending on how the final rule is adopted.” - Adam Aderton

41: 58 – “Yes, it is helpful because it makes a clearer roadmap in terms of what we need to do and the data needed and the expectations that the SCC has. I think it is onerous, but on the other hand, because it is so detailed, you can just get tripped up on not following one step or not doing a step that you said you were going to do cause it’s in your compliance policy. So it’s a balance, and I can respect the SCC trying to take care of the investors. But on the other hand, it’s putting a lot of work and risk on the investment advisors that are running and managing those firms.” - Sara Donaldson

About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Partner and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.

The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.


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Susan M. Kurz
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216.622.8346 (office)
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