The U.S. Securities and Exchange Commission announced on April 4, 2024 that it is voluntarily delaying the implementation of its climate disclosure regulations while it fights an Eighth Circuit Court challenge seeking to vacate the rules. The SEC’s Order suggests that the SEC is hoping the voluntary stay will facilitate the case’s resolution: “Among other things, given the procedural complexities accompanying the consolidation and litigation of the large number of petitions for review of the Final Rules, a Commission stay will facilitate the orderly judicial resolution of those challenges and allow the court of appeals to focus on deciding the merits. Further, a stay avoids potential regulatory uncertainty if registrants were to become subject to the Final Rules’ requirements during the pendency of the challenges to their validity.”
KMK will continue to monitor the litigation and any guidance issued by the SEC.
Please see these related KMK publications:
New SEC Climate Disclosure Rules - Temporarily Stayed
Securities Snapshot: 1st Quarter 2024
SEC Adopts New Rules for Climate-Related Disclosures; Lawsuits Challenge New Rules
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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