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SEC PAUSES FINAL RULES ON CLIMATE-RELATED DISCLOSURES

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SEC PAUSES FINAL RULES ON CLIMATE-RELATED DISCLOSURES

April 5, 2024
Blog Keeping Current: Disclosure and Governance Developments

On April 4, 2024, the SEC issued a stay of its final climate-related disclosure
rules. The SEC adopted the long-awaited final rules in March after receiving
more than 24,000 comment letters. WilmerHale’s summary and analysis of the final
rules can be found on the Keeping Current: Disclosure and Governance
Developments blog.

While the final rules were scaled back in many respects from the proposed rules,
several entities and states filed a flurry of petitions in multiple circuit
courts of appeal. In total, nine petitions were filed in six circuit courts of
appeal. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit
granted a motion filed by two petitioners seeking an administrative stay of the
final rules.

On March 21, 2024, the Judicial Panel on Multidistrict Litigation selected by
lottery the U.S. Court of Appeals for the Eighth Circuit as the venue for
hearing a case comprising the consolidated lawsuits. The following day, the
Fifth Circuit dissolved its previous administrative stay. Multiple petitioners
then filed motions with the Eighth Circuit seeking a stay of the final rules,
and while these motions were still pending, the SEC issued its stay of the final
rules pending the completion of judicial review of the consolidated petitions.

The Eighth Circuit has yet to set a briefing schedule for the consolidated case,
which will likely provide insight into the timing of any resolution. WilmerHale
will continue to closely monitor developments related to the litigation and
provide updates on the developments and potential implications for clients’
compliance obligations.


AUTHORS

 * Lillian Brown
   
   PARTNER
   
   CO-CHAIR, CORPORATE GOVERNANCE AND DISCLOSURE GROUP
   
   lillian.brown@wilmerhale.com +1 202 663 6743
   
   +1 202 663 6743

 * Meredith B. Cross
   
   PARTNER
   
   meredith.cross@wilmerhale.com
 * Liz Graffeo
   
   COUNSEL
   
   liz.graffeo@wilmerhale.com +1 720 598 3481
   
   +1 720 598 3481

 * Jenna El-Fakih
   
   SENIOR ASSOCIATE
   
   jenna.el-fakih@wilmerhale.com +1 213 443 5416
   
   +1 213 443 5416

 * Peggy Otum
   
   PARTNER
   
   CO-CHAIR, ENERGY, ENVIRONMENT AND NATURAL RESOURCES PRACTICE
   
   peggy.otum@wilmerhale.com +1 628 235 1161
   
   +1 628 235 1161

 * Shannon Morrissey
   
   COUNSEL
   
   shannon.morrissey@wilmerhale.com +1 628 235 1020
   
   +1 628 235 1020

 * Tessa Opalach
   
   SENIOR ASSOCIATE
   
   tessa.opalach@wilmerhale.com +1 628 235 1034
   
   +1 628 235 1034


AUTHORS

 * Lillian Brown
   
   PARTNER
   
   CO-CHAIR, CORPORATE GOVERNANCE AND DISCLOSURE GROUP
   
   lillian.brown@wilmerhale.com +1 202 663 6743
   
   +1 202 663 6743

 * Meredith B. Cross
   
   PARTNER
   
   meredith.cross@wilmerhale.com
 * Liz Graffeo
   
   COUNSEL
   
   liz.graffeo@wilmerhale.com +1 720 598 3481
   
   +1 720 598 3481

 * Jenna El-Fakih
   
   SENIOR ASSOCIATE
   
   jenna.el-fakih@wilmerhale.com +1 213 443 5416
   
   +1 213 443 5416

 * Peggy Otum
   
   PARTNER
   
   CO-CHAIR, ENERGY, ENVIRONMENT AND NATURAL RESOURCES PRACTICE
   
   peggy.otum@wilmerhale.com +1 628 235 1161
   
   +1 628 235 1161

 * Shannon Morrissey
   
   COUNSEL
   
   shannon.morrissey@wilmerhale.com +1 628 235 1020
   
   +1 628 235 1020

 * Tessa Opalach
   
   SENIOR ASSOCIATE
   
   tessa.opalach@wilmerhale.com +1 628 235 1034
   
   +1 628 235 1034


RELATED SOLUTIONS

 * Corporate Governance and Disclosure

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tailored and practical advice to public company clients based on in-depth
experience and insight.


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