Breaking News: US SEC Finalizes Climate Disclosures Rule
This blog was originally posted on 7th March, 2024. Further regulatory developments may have occurred after publication. To keep up-to-date with the latest compliance news, sign up to our newsletter.
AUTHORED BY JOANNE O’DONNELL, HEAD OF THE GLOBAL REGULATORY COMPLIANCE TEAM, COMPLIANCE & RISKS
The US Securities and Exchange Commission adopted its final rule to require registrants to disclose certain climate-related information in registration statements and annual reports.
The rule, which was originally proposed in April 2022, requires registrants to disclose:
- Material climate-related risks and their activities to mitigate / adapt to such risks;
- Details of the registrant’s board of directors’ oversight of climate-related risks and management’s role in managing material climate-related risks; and
- Information on climate-related targets or goals that are material to the registrant’s business, results of operations, or financial condition.
The final rules also require disclosure of ‘material’ Scope 1 and/or Scope 2 GHG emissions on a phased-in basis by certain larger registrants.
A phased-in compliance period will apply to registrants, with the compliance date dependent on the registrant’s filer status and the content of the disclosure.
The final rules will become effective 60 days after publication in the Federal Register.
Pending publication of the final rules, the SEC has also released a factsheet which summarizes the key points.
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Edited by Joanne O'Donnell
With almost 20 years post-qualification experience, Joanne heads up our Global Regulatory Compliance team. Learn more aboutJoanne
She has extensive national and international legal experience in private practice, in-house and industry and has been with Compliance and Risks for 12 years. She helps support our clients with their legal compliance challenges with a particular interest and focus on ESG, Sustainability, Climate Change and Human Trafficking and Slavery/Forced Labour.
Joanne has a Bachelor of Arts (Legal and French) and a Bachelor of Law (LLB) from the National University of Ireland, Galway, Ireland and a Masters in International law (LLM) from the Graduate Institute of International and Development Studies, Geneva, Switzerland. She also has a Masters Degree in French from the University of Limerick, Ireland and is a fluent French speaker. She recently completed a Masters course in Business and Human Rights at the University of Bergen, Norway. She qualified as a Solicitor with the Law Society of Ireland in 2003.
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