Three years ago, the Securities and Exchange Commission issued a nearly 500 page rule proposal that would require registrants to provide certain climate-related information in their registration statements and annual reports. At the time, I argued. albeit to no avail, that the sheer prolixity of the release militated against adoption of the rule. Two years later, the SEC adopted a final rule in a nearly 900 page adopting release.
Expectedly, the rule was challenged in court. National Legal and Policy Center v. Securities and Exchange Commission (8th Cir., Case No. 24-1685). The SEC previously stayed effectiveness of the rules pending completion of that litigation. Yesterday, the SEC through in the towel, announcing that it had voted to no longer defend the rules.
[View source.]
