SEC Delays Comment Deadline for Climate-Risk Disclosure Proposal
May 10, 2022
On May 9, the Securities and Exchange Commission (SEC) announced that it has extended until June 17 the public comment period on the proposed rulemaking to enhance and standardize climate-related disclosures for investors. Given the breadth and depth of the proposal (nearly 500 pages and over 200 questions), CREFC and other industry groups submitted requests in April for an extension of the proposal. Please see here for CREFC’s request for extension and here for the CREFC led joint-trade request. Additionally, on April 25, Sairah Burki, Managing Director of Regulatory Affairs and Sustainability at CREFC, participated in a Congressional Briefing with representatives from Securities Industry and Financial Markets Association (SIFMA), Loan Syndications and Trading Association (LSTA), American Bankers Association (ABA), and Financial Services Forum (FSF). As representatives of the financial services industry, the trade organizations shared with Congressional staff the importance of meaningful public input, cost benefit analysis, and the cumulative impact of the SEC’s rulemakings on the capital markets.
CREFC, via its Sustainability Initiative, is working on a response to the SEC proposal. Please contact Sairah Burki if you would like to join this effort.