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SEC extends public comment period for proposed rules on climate disclosures

On Behalf of | May 23, 2022 | Financial News

The Securities and Exchange Commission said it is extending the public comment period for its proposed rules, “Enhancement and Standardization of Climate-Related Disclosures for Investors.” In a news release, the SEC said the comment period will now end on June 17, 2022. The scope and comment process remains as stated in the original Federal Register notice of April 11, the commission said.

The proposed rules would expand the requirements for public companies to disclose climate-related information.

This information would be required of firms when they register as public companies with the SEC, as well as in their annual filings. The disclosures would include details about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial outlook. The rules would require companies to explain how they intend to manage those risks.

Along with extending the time frame on the climate rules, the SEC said it would also reopen public comment periods on two other areas of proposed rulemaking: enhancing private fund investor protection and including significant Treasury markets platforms within Regulation ATS (Alternative Trading Systems).
The commission said it was providing additional time for comment due to the high interest the proposals have drawn from a wide range of stakeholders.

“The SEC benefits greatly from hearing from the public on proposed regulatory changes,” said SEC Chair Gary Gensler. “Commenters with diverse views have noted that they would benefit from additional time to review these three proposals, and I’m pleased that the public will have additional time to provide thoughtful feedback.”

The public comment periods for the proposals on private fund investors and Treasury markets platforms will be reopened for 30 days following publication of the reopening release in the Federal Register.

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