As a follow-up to our blog post in February about the Securities and Exchange Commission’s (SEC) pause in defending its Climate Disclosure Rules, on March 27, the SEC notified the U.S. Court of Appeals for the Eighth Circuit that it was officially withdrawing its defense of those rules.
SEC Acting Chairman Mark T. Uyeda stated, “The goal of today’s Commission action and notification to the court is to cease the Commission’s involvement in the defense of the costly and unnecessarily intrusive climate change disclosure rules.”
In its letter to the court, the SEC said it was withdrawing its defense of the rules and that its counsel was no longer authorized to advance the arguments in the brief the SEC had filed. This effectively marks the end of the controversial rules. While the SEC’s climate disclosure rules have been withdrawn, it is important to remember any applicable state-level and international climate disclosure requirements that continue independent of the SEC’s climate disclosure rules.
If you have any questions about this latest development, please contact the author.