Compliance Hot Spots: SEC Climate Rule Could Spur 'Significant Enforcement Activity' + D.C. Circuit Upholds SEC Whistleblower Standards + Meet DC's Top Prosecutor
Lawyers specializing in ESG issues are urging companies to assess their climate risk in anticipation of the SEC adopting a final rule.
March 30, 2022 at 05:08 PM
12 minute read
Compliance Hot Spots
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. The SEC proposed its long-awaited climate disclosure rule last week — and ESG lawyers are busy advising clients on what it all means. We'll break down the key compliance issues. Plus, a look at the top prosecutor in D.C. now overseeing Capitol riot cases and host of sensitive criminal referrals from Congress. Please get in touch with tips and feedback. Contact me at [email protected] and @AGoudsward on Twitter.
A smoke stack is pictured in this undated photo. SEC's 'All Encompassing' Climate Proposal Poses Compliance Risks
The SEC's much-anticipated proposal to mandate climate disclosures has raised a host of new compliance questions for companies and sent lawyers specializing in ESG issues into overdrive (perhaps in an electric vehicle).
The proposal requires public companies to disclose a host of climate-related risks and greenhouse gas emissions in their manufacturing and operations. It also mandates "scope 3" emissions relating to the climate impact of a company's supply chain, but allows individual companies to determine which information is material to investors.
"What stood out was the breadth of it. It's pretty all encompassing," said Jason Halper, the co-chair of the global litigation group at Cadwalader Wickersham & Taft, who has worked on ESG issues. "Many companies are not disclosing anywhere near this amount of information in this area. There are challenges associated with disclosure itself, but then there are also the underlying processes and identification of risks."
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- McGlinchey Stafford
- Morrison & Foerster LLP
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- Amarchand & Mangaldas & Suresh A Shroff & Co
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- Cooley
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- Weil, Gotshal & Manges
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