New SEC Climate Disclosure Rules – Temporarily Stayed
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On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit issued a stay of the Securities and Exchange Commission’s new climate-disclosure rules, which were adopted March 6. The three-judge panel granted the requests for injunctive relief brought by seven companies, trade associations and three states, which asserted that being required to comply with the rules would result in irreparable harm. The panel did not elaborate on the rationale behind its decision. For a summary of the climate-disclosure rules and other legal challenges the rule faces, see our Securities Advisory: SEC Adopts New Rules for Climate-Related Disclosures; Lawsuits Challenge New Rules. The stay is temporary pending further judicial review.

To date, litigation challenging the rules has been filed in four federal courts of appeal, including the U.S. Court of Appeals for the Fifth, Sixth, Eighth, and Eleventh Circuits. KMK will continue to monitor the litigation and any guidance issued by the SEC with respect to the rule’s implementation.

Tags: SEC, Securities Law
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KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.

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