SEC Proposes Rescission of Biden-Era Climate Disclosure Rules
The Securities and Exchange Commission has proposed the rescission of climate-related disclosure rules adopted in March 2024. SEC Chairman Paul S. Atkins stated the move aims to eliminate "overly burdensome and costly" requirements and return the agency to a materiality-focused approach within its legal authority. The proposal affects nearly all public companies filing registration statements and annual reports. While the U.S. Chamber of Commerce applauded the decision, critics argue the move weakens investor protections and limits transparency regarding climate risks. SEC officials anticipate potential legal challenges from Democratic-led states, though companies may still face climate reporting mandates from California and other global jurisdictions.
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The Securities and Exchange Commission today proposed the rescission of overly burdensome and costly rules that require companies to provide certain climate-related information in their registration statements and annual reports.
The proposed rescission of the disclosure rules will be open to public comments for 60 days before it can be finalized. Senior officials at the SEC told reporters that they would be “quite surprised” if the commission wasn’t sued over the proposed ruling if approved, given that a number of Democratic-led states have asked the courts to keep the disclosure rules in place. Some states, such as California, have moved to implement their own climate...
U.S. Chamber Applauds SEC's Rescission of Climate-Related Disclosure Rule | U.S. Chamber of Commerce
WASHINGTON, D.C. — Mike Flood, senior vice president of the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce, issued the following statement regarding the SEC's decision to rescind its climate disclosure rule. "The Chamber is encouraged that the SEC is returning ...
The SEC staff is preparing to rescind the rule at Chair Paul Atkins’ direction, the agency spokesperson said. A formal effort to ditch the rule this year was expected by ESG reporting experts, including Ropes & Gray Partner Michael Littenberg. Even with a formal rescission of the rule, companies will still face a complex climate ...
SEC moves to scrap climate disclosure rules for public companies - InvestmentNews
The U.S. Securities and Exchange ... climate-related disclosure rules it adopted in March 2024, setting the stage for the most significant rollback of environmental reporting requirements in the agency's recent history. The move affects virtually all public companies that file registration statements and annual reports under the Securities Act of 1933 and the Securities Exchange Act of 1934. The proposed rescission comes after ...
The Securities and Exchange Commission today proposed rescinding the costly, Biden-era rules mandating that companies provide climate-related information in registration statements and annual reports. The SEC cited a return to the agency’s core mandate and legal authority.
SEC Formally Proposes Rescinding Climate Disclosure Rule, Deepening Retreat From Investor Protection - CleanTechnica
Proposal would leave investors with less information about climate risks while advancing legal theory that could weaken corporate disclosure more broadly · WASHINGTON, D.C. — The Securities and Exchange Commission today formally proposed rescinding its 2024 climate disclosure rule, moving ...
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