The U.S. Securities & Exchange Commission’s Acting Chairman Mark T. Uyeda directed staff to notify the U.S. Court of Appeals for the Eighth Circuit of changed circumstances in the consolidated challenges to the SEC’s climate-related disclosure rule and to request that the court not schedule the case for argument while the Commission deliberates on next steps. The rule, adopted on March 6, 2024, remains stayed pending completion of the litigation. Uyeda said the Commission’s previously filed briefs defending the rule do not reflect his views and reiterated concerns about the SEC’s statutory authority to adopt the requirements, the need for the rule in light of existing disclosure obligations, the cost-benefit analysis, and whether proper Administrative Procedure Act procedures were followed. The request is tied to a recent change in the Commission’s composition and the January 20, 2025 Presidential Memorandum on a regulatory freeze. The Commission intends to notify the court promptly once it has determined its positions in the litigation.
U.S. Securities & Exchange Commission 2025-02-11
U.S. Securities & Exchange Commission asks Eighth Circuit to hold off scheduling argument on climate disclosure rule challenges while it reconsiders its litigation stance
Acting Chairman Mark T. Uyeda of the U.S. SEC has directed staff to inform the Eighth Circuit Court of changed circumstances in challenges to the SEC’s climate-related disclosure rule, requesting a delay in scheduling arguments. Uyeda expressed concerns about the SEC’s authority, the rule's necessity, and procedural adherence, following a change in the Commission's composition and a Presidential Memorandum on a regulatory freeze. The rule remains stayed pending litigation.