The U.S. Securities and Exchange Commission voted to end its defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions, and to notify the court that it will no longer participate in defending the rules. Acting Chairman Mark T. Uyeda framed the action as ending the SEC’s involvement in defending what he described as costly and unnecessarily intrusive requirements. Adopted on March 6, 2024, the rules created a detailed disclosure regime for issuing and reporting companies and were challenged by states and private parties in consolidated litigation in the U.S. Court of Appeals for the Eighth Circuit (Iowa v. SEC, No. 24-1522). The SEC had previously stayed the rules’ effectiveness pending completion of the litigation; following the vote, SEC staff told the court that the Commission is withdrawing its defense, Commission counsel are no longer authorized to advance the arguments in the prior brief, and any oral argument time is being yielded back to the court.
U.S. Securities & Exchange Commission 2025-03-27
U.S. Securities and Exchange Commission votes to stop defending its climate-related disclosure rules in court
The U.S. Securities and Exchange Commission (SEC) voted to cease defending its rules on climate-related risk and greenhouse gas emissions disclosure, notifying the court of its withdrawal from litigation. Acting Chairman Mark T. Uyeda described the rules as costly and intrusive. The rules, adopted in March 2024, faced challenges in the U.S. Court of Appeals for the Eighth Circuit, leading the SEC to stay their effectiveness pending litigation.