The SEC's Division of Corporate Finance has posted a "Sample Letter to Companies Regarding Climate Change Disclosures." The letter provides insight into the nature of information and response being requested from identified registrants regarding the SEC's 2010 guidance on climate-related disclosures. The Division of Corporate Finance's illustrative comment letter is one component of the SEC's increased focus on climate change disclosure and enforcement under Chairman Gary Gensler. The Division of Corporation Finance of the U.S. Securities and Exchange Commission recently published a sample letter to companies providing illustrative comments that the Division of Corporation Finance may issue to companies regarding their climate-related disclosure, or the absence of climate-related disclosure 1 (the "Sample Letter").. 1 While the SEC has yet to issue its promised climate change disclosure regulations, the Commission continues to move beyond its 2010 guidance in its consideration of climate change-related matters. The guidance consists of a sample letter outlining comments related to climate change disclosure, which the division staff likely would issue to a public company after reviewing its SEC filings. The 2010 guidance is discussed in our earlier Article here. Subscribe to our newsletter. Re: Comment Letter - Climate Change Resolution . [the SEC], through comment letters and petitions for rulemaking, that they need consistent, reliable, and comparable disclosures of the risks and opportunities related to sustainability 5 Center for American Progress, "Climate Change Threatens the Stability of the Financial System," Gregg Gelzinis The sample letter collates comments that the SEC staff may issue to companies during the SEC filing review process regarding their climate-related disclosure. Applicability The warning comes in a report detailing the results of a scenario analysis carried out by the federal . The 2010 guidance is discussed in our earlier Article . WASHINGTON, Jan 5 (Reuters) - The U.S. Securities and Exchange Commission (SEC)'s Texas office has launched a preliminary probe into lenders' disclosures about their policies on hot-button issues like climate change and gunmakers, according to two people . Dear Chair Marcus and Members of the Board: On behalf of the Natural Resources Defense Council (NRDC), which has 2.4 million members and activists, 380,000 of whom are Californians, we are writing to express our strong support for On September 22, the SEC's Division of Corporation Finance issued a sample comment letter (the "Comment Letter") regarding climate change disclosures. The SEC set forth a Sample Letter with illustrative comments regarding Risk . The Federal Reserve, the Securities and Exchange Commission and other financial regulators should act on climate-change concerns to avoid economic disaster, a letter from pension funds and other . In our comment letter to the Securities and Exchange Commission (SEC or Commission), we support the effort to seek input as a critical first step in considering whether and how to adopt environmental, social and governance (ESG) disclosure requirements that meet investors' needs in a cost-effective manner. On September 22, 2021, the Division of Corporation Finance (Division) of the Securities and Exchange Commission (SEC) issued a sample comment letter to highlight its increased focus on climate change-related disclosures or the absence of such disclosures in issuer filings under the Securities Act and the Exchange Act. 3 The comments in the sample letter provide public companies valuable insight into the information that the SEC would consider relevant when evaluating . Analytical cookies help us improve our website by collecting and reporting usage information. The events of the past year bring to mind the old saying that "change is the only constant in life."[1] Our capital markets continue to evolve and adapt in response to changes in the economic environment, investors' needs for new types of information, and challenges related to the ongoing effects of the pandemic.Amidst these changes, the U.S. financial reporting system remains strong . In a recent speech, he stated that the SEC has received over 550 unique comment letters as a result of the request for input on climate-change disclosures and 75 percent of those letters supported mandatory climate disclosure rules. COMMENTS: CLIMATE CHANGE: Letter to Security and Exchange Commission responding to its request for public input on current and potential SEC regulation of climate change disclosures. GAO was asked to examine U.S. energy infrastructure resilience. [2] Migliozzi, B., et al., Record Wildfires on the West Coast Are Capping a Disastrous Decade, New York Times, September 24, 2020. When Securities and Exchange Commission Chairman Jay Clayton handed a policy win to corporate executives this month, he pointed to a . CA, CT, DE, IL, MD, MA, MI, MN, NY, OR, VT, WI: Sent 6/14/2021: 6/11/2021: COMMENTS: CLEAN AIR CLIMATE CHANGE The Securities and Exchange Commission released the first, much-anticipated batch of . The SEC, led by Gary Gensler, is working on a slew of rule-making initiatives, from cybersecurity to board diversity. The SEC also should not use In September 2021, they sent comment letters to several companies across industries seeking more information about their climate-related disclosures (or lack of such disclosures) referencing the. Climate change poses physical risks to SEC-regulated firms, such as the impacts of extreme weather, heat waves, and sea level rise on physical infrastructure, which can be acute (e.g., catastrophic weather events) or chronic (e.g., precipitation changes, sea level rise, Market regulators Monday gave the first glimpse into the scrutiny they are giving companies about the business risks of climate change—along with pushback the SEC likely will get in return. The sample letter includes an illustrative, non-exhaustive list of comments that the Division of Corporation Finance may issue to companies about their climate-related disclosure or the absence of such disclosure. Sept. 22, 2021 4:14 pm ET WASHINGTON—The Securities and Exchange Commission has sent letters to dozens of public companies asking them to provide more information to investors about how climate. And more than . RILA Comment Letter to SEC Request for Public Input on Climate Change Disclosure. Pamela Para on Effective Investigations in Healthcare . The sample comment letter follows the views expressed in the interpretive release on climate change disclosure published by the SEC in 2010, that existing disclosure requirements require at least consideration of climate-related disclosure. On September 22, 2021, the SEC's Division of Corporation Finance published a letter containing sample comments that the Division may issue to companies regarding climate change disclosure. It's an important filing that we've been working on the past two months, and I want to share why we believe the SEC's process is so important. The following illustrative letter contains sample comments that the Division may issue to companies regarding their climate-related disclosure or the . The comment letters had asked both companies to provide more specifics about the effects of climate change on their operations, and both then replied with answers that were thoughtful, diplomatic, and rather evasive. Start Printed Page 7619 Executive Order 14008 of January 27, 2021 Tackling the Climate Crisis at Home and Abroad. Under U.S. President Joe Biden, who has prioritized tackling climate change and racial inequality, the SEC has stepped up its scrutiny of investor disclosures, particularly on ESG issues and . BlackRock CEO Larry Fink in an annual letter said he will not seek divestment of fossil fuel firms and does not see businesses as "climate police." The letter will disappoint shareholder activists . You may opt out of analytical cookies by sliding the button to the left. Risk Factors. Thursday, September 23, 2021. climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights."2 However, in reality, the proposal effectively mandates consideration of climate change and ESG factors in all investment and proxy voting decisions. [1] Yesterday, the SEC released a sample letter to companies concerning climate change disclosures. Letters: On ignoring climate change, Grassley's accomplishments and a wish for TV. 1 . A group of Micronesia Climate Change Alliance members pose with their logo. It is imperative that the SEC provide fair notice, and fully comply with the Administrative Procedure Act if it is going to impose new requirements. disclosed in financial reports," she told the SEC in a letter on . in its comments to the the SEC. A SEC spokesperson declined to comment to The Hill when asked about the Reuters report. Key Takeaways from the SEC Sample Comment Letter on Climate Change Disclosure. Email address. Three years ago, DFS issued Insurance Circular Letter No. The sample comment letter follows the views expressed in the interpretive release on climate change disclosure published by the SEC in 2010, that existing disclosure requirements require at least consideration of climate-related disclosure. The commission is expected to propose mandatory ESG-related disclosure rules in early 2022, but even without specific requirements, any ESG-related material impacts should be . comment letters exclusively related to climate change disclosures in Form 10-K filings, and then, on September 22, 2021, the SEC's Division of Corporation Finance published a sample letter highlighting Stay in the know. Although the SEC is an independent agency, it also is making its contribution to climate policy, according to its latest regulatory agenda. . August 21, 2021 Where the Rubber Meets the Road: How Can an SEC Climate Risk Disclosure Rule Survive Cost-Benefit Analysis? The lawmakers filed a comment letter to the U.S. Securities and . The United States and the world face a profound climate crisis. We are on a fast track to ending human civilization as we know it from catastrophic climate change brought about . ESG, definition of fiduciary, crypto and more on the agenda. The housing-finance industry has signaled that it's coming to grips with climate change. Overview. Download. The U.S. Securities and Exchange Commission (SEC)'s Texas office has launched a preliminary probe into lenders' disclosures about their policies on hot-button issues like climate change and . This is news because so far SEC officials have given plenty of speeches touting the importance of disclosing climate risks, and . Many companies said they support the idea of an SEC rule on climate change . Companies Resist SEC Climate-Disclosure Requests as Rules Stall. On September 29, 2021, the SEC posted an open comment letter to issuers on climate change disclosure. By George Wilson On September 22, 2021, CorpFin staff posted this "Sample Letter to Companies" to provide example climate change disclosure comments. The SEC may be working to update its 2010 guidance on climate change disclosure and the staff of the Division of Corporation Finance has sent out letters to public companies providing comments on climate-related disclosure or the lack of such disclosure in SEC reports. We have a narrow moment to pursue action at home and abroad in order to avoid the most catastrophic impacts of that crisis and to seize the opportunity that tackling climate change presents. As the industry adjusts its risk models, the outcome for regular homeowners remains murky. Much of the sample letter reiterates the SEC's 2010 climate change guidance , and earlier this year the SEC staff had already been directed to focus its disclosure review on companies . Pamela Para on Effective Investigations in Healthcare . More than 20 people have shown interest in bringing awareness to climate . As the staff continues to probe disclosures, we recommend using the example comment letter to help assess whether the appropriate disclosures are included in 2021 year-end filings. You may change your preference at any time by clicking on the cookies icon. References [1] Lindsey, R., Climate Change: Atmospheric Carbon Dioxide, Climate.gov, August 14, 2020. Select few to be chosen for climate project. SEC's Texas office probes banks over disclosures on guns, fossil fuels -sources. As federal regulators address climate change under the . Mario Olczykowski and Lee Reiners In a recent post, we summarized comments submitted to the Securities and Exchange Commission (SEC or Commission) regarding the request for public input on climate change disclosures (RFPI) released by then Acting Chair, Allison Herren Lee . Another letter signed by over five hundred investors, foundations, companies, lawmakers, and NGOs, expresses support for SEC rulemaking by noting that "climate change poses a variety of material risks to companies of all sizes in all industries across our nation." The Sample Comment Letter. Today, Microsoft is submitting comments to the U.S. Securities and Exchange Commission (also shared in full, below this post) on the topic of climate change disclosure. The preliminary probe comes as lenders appear to be caught in the middle between the interests of investors . Hadrian's Wall: Climate change threatens ancient Roman structure Updated 3 hrs ago It has withstood attacks by so-called barbarian hordes and remained standing throughout 1,900 years of history. here. As outlined in SASB's recent SEC comment letter: "Climate risk … can be broken down into three broad categories: physical (e.g., extreme weather), transition (e.g., technological and market shifts), and regulatory (e.g., government imposition of carbon price or other regulation)." If the SEC intends to require broad ESG disclosure, it . It will propose a rule on mandatory climate-risk . Policies and Procedures › SEC Comment Letter Process › Climate Change + Follow. The SEC Division of Corporation Finance (the "Division") provided companies with an example of a letter "containing sample comments that the Division may issue to companies regarding their climate-related disclosure or the absence of such disclosure." The Division reminded companies of the following climate change-related disclosures that may be required by the SEC's 2010 Climate Change Guidance: 1 . SEC Staff Scrutiny of Climate Change Disclosures Has Arrived: What to Expect and How to Respond September 20, 2021 Click for PDF Recently, the SEC's Division of Corporation Finance has issued a number of comment letters relating exclusively to climate-change disclosure issues. . This sample comment letter follows a recent increase in climate-related . SEC Publishes Sample Climate Change Comment Letter The staff of the Division of Corporation Finance ("Staff") of the U.S. Securities and Exchange Commission ("SEC") published a sample comment letter on climate change disclosures on September 22, 2021. on september 22, 2021, in a step that emphasizes the sec's increased focus on climate change disclosure, the sec's division of corporation finance ("corp fin") issued a sample letter for public companies containing comments illustrative of those that it may issue to companies "regarding their climate-related disclosure or the absence of such … In September, an illustrative comment letter provided example questions that the SEC staff is posing to companies regarding climate-related disclosures. Delaying policy action on climate change will increase the negative economic impacts and the risks to the financial sector, according to new research from the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI). This open comment letter is a follow-up to individual comment letters that the staff of the SEC's Division of Corporation Finance issued to selected issuers. Additionally, the Comment Letter's language suggests that the Commission may be considering requiring companies to incorporate climate and perhaps related sustainability information into their. Policies and Procedures › SEC Comment Letter Process › Climate Change + Follow. 1 On September 22, 2021, the staff published a sample comment letter regarding climate change disclosures. Although the SEC is still expected to . In light of the illustrative SEC comments in the sample comment letter and the anticipated SEC rulemaking on climate change disclosures, SEC-reporting companies should carefully evaluate their . This report describes: (1) potential climate change effects on the electricity grid; and (2) actions DOE and FERC have taken since 2014 to enhance electricity grid resilience to climate change effects, and additional actions these agencies could take. The SEC Division of Corporation Finance (the "Division") provided companies with an example of a letter "containing sample comments that the Division may issue to companies regarding their climate-related disclosure or the absence of such disclosure." The Division reminded companies of the following climate change-related disclosures that may be required by the SEC's 2010 Climate Change Guidance: The Division of Corporation Finance selectively reviews filings made under the Securities Act and the Exchange Act to monitor and enhance compliance with applicable disclosure requirements. 9 (2017) (Climate Change and Sustainability), which urged insurers to manage resources prudently in their operations and to provide incentives to their policyholders to adopt environmentally friendly practices. SEC Publishes Sample Comment Letter Highlighting the Need to Consider Climate Change Disclosures in SEC Filings | Ropes & Gray LLP By clicking "Accept All Cookies", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. In September 2021, the SEC released a sample letter to companies regarding climate change disclosures, referring back to the 2010 interpretive guidance and listing example comments which the SEC's Division of Corporation Finance may issue to companies regarding their climate risk disclosure, or lack thereof. Uber Technologies, in a comment letter to the SEC last week, backed climate reporting while urging a more business-friendly approach. Insurance . The inquiry appears to relate to two Texas laws, enacted last year, banning . On the regulatory . Climate change will be a particular priority, as evidenced recently by the staff's detailed, stand-alone comment letters on climate-related disclosures in SEC filings. This is news because so far SEC officials have given plenty of speeches touting the importance of disclosing climate risks, and . WASHINGTON — The U.S. Securities and Exchange Commission (SEC)'s Texas office has launched a preliminary probe into lenders' disclosures about their policies on hot-button issues like climate change and gunmakers, according to two people familiar with the matter. Relying upon the guidance the SEC issued over ten years ago--the 2010 . Last year, Senator Warren and Representative Sean Casten led their colleagues in introducing the Climate Risk Disclosure Act of 2019 to require public companies to . Comments on Climate Change Disclosures. "The market will be a very powerful force for curbing climate change if investors can get the information needed to gauge . Submitted Comments (Click here for meetings with SEC officials) Comments have been received from individuals and entities using the following Letter Type A: 19 B: 2,281 C: 2,070 D: 1,506 : Feb. 10, 2022: The SEC may be working to update its 2010 guidance on climate change disclosure and the staff of the Division of Corporation Finance has sent out letters to public companies providing comments on climate-related disclosure or the lack of such disclosure in SEC reports. SEC Releases Sample Comment Letter on Climate-Related Disclosures September 24, 2021 By Teri E. O'Brien, Thiago Spercel, Melissa M. Garcia, & Spencer F. Young Share On September 22, 2021, the U.S. Securities and Exchange Commission (the "SEC") issued a Sample Letter to Companies Regarding Climate Change Disclosures (the "Sample Letter"). In a letter dated Monday, the SEC denied Apple's request, saying that the company had not "substantially implemented the proposal." An Apple spokesperson declined to comment on the SEC letter. In April, Senator Warren submitted a comment letter to the SEC expressing concerns with the agency's lack of climate risk reporting requirements in SEC's proposed disclosure rule. Integrity Matters: Fraud Trends for 2022, Ep. SEC guidance regarding climate change disclosures.4 Additionally, President Biden's nominee to serve as SEC chairman, Gary Gensler, is still pending confirmation. These Sample Letters, which are a successor to older "Dear CFO" letters, provide illustrative comments about emerging and "hot-button" issues companies should consider in their disclosure processes. "This is a failure and does not allow us to go to COP26 [the UN Climate Change Conference] with any sort of moral imperative," he continued. This action is the latest in a series of developments . The first comment addresses the issues that can arise when companies provide . Integrity Matters: Fraud Trends for 2022, Ep. As the SEC sharpens its focus on climate change issues, there has been an uptick in the number of comment letters relating to climate change disclosures. comment letters exclusively related to climate change disclosures in Form 10-K filings, and then, on September 22, 2021, the SEC's Division of Corporation Finance published a sample letter highlighting Most of the comment letters to the SEC favor . The comment letters had asked both companies to provide more specifics about the effects of climate change on their operations, and both then replied with answers that were thoughtful, diplomatic, and rather evasive. In addition, DFS has been administering the National Association of Insurance . SEC's Clayton Says U.S. Is 'Far Superior' in Market Regulation. [3] The National Oceanic and Atmospheric Administration, National Centers for Environmental Information, Billion-Dollar Weather and Climate Disasters: Summary .

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