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ARTICLE · 14 MARCH 2024

SEC Issues Long-Awaited Climate Risk Disclosure Rule

K&L Gates
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On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on "The Enhancement and Standardization of Climate-Related Disclosures for Investors"

United StatesCorporate/Commercial Law
Daniel F. C. Crowley
Daniel F. C. Crowley
Karishma Shah Page
Karishma Shah Page
Bruce J. Heiman
Bruce J. Heiman
William A. Kirk
William A. Kirk
Lauren M. Flynn
Lauren M. Flynn
Lauren E. Hamma
Lauren E. Hamma

INTRODUCTION

On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on "The Enhancement and Standardization of Climate-Related Disclosures for Investors" by a vote of 3-2, with Republican Commissioners Hester Peirce and Mark Uyeda dissenting. Accompanying the final rules was a press release and fact sheet detailing the provisions of the rulemaking. The final rules will go into effect 60 days after publication in the Federal Register and will include a phased-in compliance period for all registrants.

This is likely to be one of the most consequential rulemakings of Chairman Gary Gensler's tenure given the prioritization of addressing climate change as a key pillar for the Biden administration. However, given the significant controversy associated with this rulemaking effort, the final rules are likely to face legal challenges and congressional oversight in the coming months. As such, it remains unclear

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