The AMF, the stock market regulator in France, recently reiterated its call for stricter regulation on a Europe-wide basis of the entities providing ESG ratings and other services. Specifically, the AMF stated that the...more
The international news media have publicly reported that German law enforcement has raided an asset manager concerning a "whistleblower's allegations that [the asset manager] sold investments as 'greener' or 'more...more
Recently, the States of Idaho and Utah --both controlled by the Republican Party--sent letters to S&P, one of the three major credit rating agencies, objecting to its inclusion of ESG criteria in its assessment of the...more
Today, the SEC issued two complementary press releases announcing certain proposed rules. First, the SEC announced "proposed amendments to enhance and modernize the Investment Company Act 'Names Rule'" that would "extend the...more
A non-profit research group, First Street Foundation, recently released data that calculates the wildfire risk for each property in the United States (excluding Alaska and Hawaii). Notably, according to First Street...more
The SEC's Climate and ESG Task Force has now issued its first enforcement action. The SEC has brought a 76-page complaint in federal district court against Vale, S.A., a Brazilian mining company, alleging that Vale "ma[de]...more
In a speech delivered on May 6, 2022 to the Annual Conference on Financial Market Regulation, SEC Chairman Gensler again re-affirmed his support for the SEC's recent proposed mandatory climate disclosures.
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The SEC has received two comment letters from members of Congress--one from the House of Representatives and one from the Senate--criticizing its proposal for mandatory climate disclosures....more
The prospect of climate change, and the corresponding elevated risks to various forms of property and investments, are increasingly beginning to be priced in to widening swathes of the economy. While the energy...more
SEC Chairman Gensler delivered a set of prepared remarks at the Ceres Investor Briefing on April 12, 2022, in which he defended the SEC's newly proposed rule concerning climate disclosures.
As expected, Chairman...more
According to Paul Donofrio, the head of sustainability at Bank of America, the SEC's proposal for climate disclosures is "constructive and headed in the right direction." Donofrio voiced further support for the SEC's...more
Senator Joe Manchin (D-WV) has issued a public letter criticizing the SEC's recent proposal for mandatory climate disclosures. Specifically, Manchin questions the need for such a rule based on the fact that a majority of...more
Following-up on the extensive new mandatory climate disclosures the SEC issued last week, the SEC has now announced that "ESG" will be the second enforcement priority of its examination division during 2022. Specifically,...more
On March 21, 2022, the Securities and Exchange Commission (“SEC”) unveiled its long-anticipated proposed rules on climate disclosures, entitled “The Enhancement and Standardization of Climate-Related Disclosures for...more
3/31/2022
/ Biden Administration ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
GHG Auction ,
Proposed Rules ,
PSLRA ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Task Force on Climate-related Financial Disclosures (TCFD)
The Federal Energy Regulatory Commission ("FERC"), which regulates the transmission and wholesale sale of electricity and natural gas, and also oversees the U.S. pipeline infrastructure, including the review process for...more
On March 21, 2022, the SEC finally issued a proposed rule on mandatory climate disclosures. This proposed rule has been expected for some time--it was widely anticipated to be a centerpiece of the Biden Administration's...more
ClientEarth, an environmental law organization, has filed a shareholder derivative lawsuit in the United Kingdom against Shell's board of directors for an alleged failure to adequately prepare Shell for the impact of climate...more
Yesterday, Sarah Bloom Raskin, who had previously served as a Federal Reserve governor and deputy Treasury secretary during the Obama administration, withdrew her nomination to be the Federal Reserve's vice chair of...more
According to media reports, the SEC has announced that it will "propose rules mandating disclosure from publicly traded companies about climate change and associated risks" on March 21st....more
As indicated by the sample comment letter provided by the SEC in September 2021, the SEC has begun issuing comment letters to companies concerning climate disclosure issues in their filings. To date, there do not appear to...more
A number of conservative-leaning states, particularly those with a significant fossil fuel industry (e.g., Texas, West Virginia), have begun implementing polices and enacting laws that penalize companies which "pull away from...more
The Biden Administration has clearly announced that addressing the issue of climate change is one of its key policy priorities. One of the central aspects of this policy was intended to be an array of new regulations by the...more
SEC Commissioner Alison Herren Lee recently availed herself of the opportunity presented by the re-opening of the comment file on the Dodd-Frank rule "requiring companies to disclose the relationship between executive...more
Sarah Raskin, the Biden Administration's nominee to be the Federal Reserve's vice chair for supervision, has faced significant questioning by Republican senators based upon her past remarks concerning the role of financial...more
Yesterday, Judge Contreras of the D.C. District Court vacated oil and gas drilling licenses for the Gulf of Mexico issued in connection with a sale by the Department of the Interior. Specifically, the court held that the...more