SEC Issues Stay on Climate Rule

The SEC has released an order staying its recently issued final rule on climate-related disclosures pending judicial review of all of the petitions challenging the rule (i.e., the petitions pending in six circuit courts of appeal). The U.S. District Court of Appeals for the Eighth Circuit has been designated — via a consolidation order by the U.S. Judicial Panel on Multidistrict Legislation — as the court that will review the petitions on a consolidated basis.

The final rule requires registrants to provide comprehensive climate-related disclosures in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers.

For more information about the final rule, see the press release and fact sheet on the SEC’s Web site.