The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year.
By Paul A. Davies, Sarah E. Fortt, and Betty M. Huber
On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that will hear challenges against the Securities and Exchange Commission (SEC or Commission) over its final climate disclosures rules, which were adopted on March 6.[i] On April 4, 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review.[ii] The announcement comes on the heels of multiple requests for a stay filed by petitioners in the Eighth Circuit, where, as mentioned above, cases challenging the rules were recently consolidated.
[i] For a detailed analysis of the final rules, see our Client Alert The SEC’s Final Climate Disclosure Rules: Requirements, Practicalities, and Next Steps.
[ii] See In re Enhancement and Standardization of Climate-Related Disclosures for Investors, Rel. Nos. 33-11280, 34-99908 (Apr. 4, 2024) (announcing voluntary stay).