Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
The California Air Resources Board (“CARB”) hosted a public workshop on August 21, 2025 to provide information on Senate Bills 253, 261 and 219 (the “California climate laws”) and solicit feedback from consumers and...more
Last night, the California Air Resources Board (CARB) released draft guidance on the Climate‐Related Financial Risk Act (Health & Safety Code Section 38533/Senate Bill 261). This disclosure mandate will require subject...more
Yesterday, the California Air Resources Board held its second marathon virtual public workshop on California’s pending corporate climate disclosure laws. These laws will require subject companies to publicly report on...more
Relief is not immediately in sight for companies subject to key California greenhouse gas emission laws. A federal court in California recently denied a motion for a preliminary injunction to pause compliance with SB-253,...more
Two California climate disclosure laws have withstood an attempt to block them in a lawsuit challenging their constitutionality. Our Environment, Land Use & Natural Resources Group breaks down what the federal court’s...more
As the January 1, 2026, deadline to make the first required disclosure under California’s landmark climate laws approaches, the California Air Resources Board (CARB) has announced that it will host another virtual public...more
US public companies put aside their attention on new climate-related disclosure rules adopted in 2024 by the US Securities and Exchange Commission (SEC) because of ongoing litigation challenging these rules and recent changes...more
There was a noteworthy development in the ongoing legal challenge to the SEC’s mandatory climate disclosure law (dating from the Biden administration), which is currently pending in the Eighth Circuit. Following the decision...more
SB 261 requires companies with over $500 million in total annual revenue that do business in California to publish a climate-related financial risk report (Risk Report) by January 1, 2026, and every two years thereafter,...more
This series of posts seeks to identify legal questions that can add definition and value to the good work that sustainability teams are doing. Our last post focused on whether the revenue used to evaluate the applicability...more
The California Air Resources Board (CARB) has published seven pages of FAQs on California’s corporate greenhouse gas reporting and climate-related financial risk disclosure programs. These disclosure requirements are...more