https://www.law.com/corpcounsel/2023/05/24/sec-keeps-delaying-rollout-of-controversial-climate-disclosure-rules/
Credit: maykal/Adobe StockNEWS
“Given the legal and political challenges, along with the need to craft a balanced set of rules—one that would be likely to survive a court challenge—it’s hardly surprising that the process is taking longer than anticipated,” according to Cydney Posner, a Cooley special counsel.
May 24, 2023 at 01:00 PM
4 minute read
What You Need to Know
- The climate proposal, announced in March 2022, is unlikely to come up for a vote before the fall.
- Critics of the rule are expected to challenge its legality, potentially further delaying implementation.
- Proposed rules for cybersecurity disclosures also are behind schedule.
Legal departments anticipating an imminent rollout of a mandatory climate disclosure rule, one of the U.S. Securities and Exchange Commission’s most controversial and complicated proposals in decades, likely will have to wait until fall.
The SEC trotted out a 510-page proposed rule in March 2022. It would require public companies to detail climate-related risks they face and disclose greenhouse gas emissions. Some agency watchers anticipated a final rule would be released this spring.
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