John C. Coffee Jr. The Major Question Doctrine and the SEC
Does the MQD apply as well to the SEC and its attempt to require greatly enhanced climate-related disclosures? This column will suggest that the SEC can outflank that doctrine, but only if it is careful.
September 14, 2022 at 12:00 PM
9 minute read
The hottest, most debated question in securities regulation at present is whether (or to what extent) the SEC can escape the reach of the U.S. Supreme Court's decision in West Virginia v. EPA, 142 S. Ct. 2587 (2022). Decided on the last day of the Court's term, that decision interpreted the "Major Question Doctrine" (or MQD) to bar the EPA from adopting regulations that "effected a fundamental revision of the statute." Does the MQD apply as well to the SEC and its attempt to require greatly enhanced climate-related disclosures? This column will suggest that the SEC can outflank that doctrine, but only if it is careful.
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