On February 11, Securities and Exchange Commission (SEC) Acting Chairman Mark Uyeda asked the Eighth Circuit not to schedule oral arguments for the SEC’s climate disclosure rules, which were adopted in March 2024, and soon voluntarily stayed by the SEC pending the outcome of the Eighth Circuit litigation.
After referencing his and Commissioner Hester Peirce’s opposition to the climate disclosure rules at the time of adoption, Chairman Uyeda stated:
These views, the recent change in the composition of the Commission, and the recent Presidential Memorandum regarding a Regulatory Freeze, bear on the conduct of this litigation. I believe that the Court and the parties should be notified of these changes. Therefore, I have directed the Commission staff to notify the Court of the changed circumstances and request that the Court not schedule the case for argument to provide time for the Commission to deliberate and determine the appropriate next steps in these cases. The Commission will promptly notify the Court of its determination about its positions in the litigation.
Given these developments and current composition at the SEC, we can assume “next steps” forego the SEC’s defense of these rules. While these rules have effectively been put aside, it is important to remember upcoming state-level climate disclosure requirements, including California in particular (alongside any international requirements).
If you have any questions about this latest development, please contact the author.