Is the SEC Quietly Slipping Behind the Scenes, Delaying Compliance to Rig the Game?
Several of the legal challenges were consolidated as State of Iowa vs. SEC in the U.S. Court of Appeals for the Eighth Circuit. Within weeks of the announced litigation pause, the SEC officially voted on March 27 to end its defense of the climate disclosure rule that Uyeda called “costly and unnecessarily intrusive.”
However, the SEC’s decision to end its defense of the rule does not mean the end of the rule itself. The Eighth Circuit could decide to uphold the rules either in whole or in part, or remand them to the SEC for further consideration, according to a memo from law firm Eversheds Sutherland. The eighteen states – along with the District of Columbia – that supported the SEC’s defense of the climate disclosure rules “generally have the same right as the SEC to defend the rules and will presumably continue to do so,” the firm said.
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