Pursuant to its discretionary authority, the SEC issued an Order today staying the new climate disclosure rule pending completion of judicial review in the Eighth Circuit.
The Order notes in part:
Among other things, given the procedural complexities accompanying the consolidation and litigation of the large number of petitions for review of the Final Rules, a Commission stay will facilitate the orderly judicial resolution of those challenges and allow the court of appeals to focus on deciding the merits. Further, a stay avoids potential regulatory uncertainty if registrants were to become subject to the Final Rules’ requirements during the pendency of the challenges to their validity.
The Order also reiterates the SEC’s defense of the legality of, and its authority to promulgate, the rule.
Stay tuned!