In a never ending saga to the climate disclosure rules, on March 15, the Fifth Circuit temporarily stayed the recently adopted climate change disclosure rules.
Continue Reading Update on SEC Climate Change RulesThe SEC Finally Adopts Climate Change Disclosure Rules: Making Sense of 800+ Pages
After almost two years following its proposed rules, on March 6, 2024, the Securities and Exchange Commission (SEC) adopted final rules to require public companies to disclose certain climate-related information in registration statements and annual reports.
Continue Reading The SEC Finally Adopts Climate Change Disclosure Rules: Making Sense of 800+ PagesSEC Settlement with Audit Firm Serves as Reminder of Important Independence Rules
On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co. (CSH)—the same day that the SEC also announced charges against Lordstown for misleading investors about the sales prospects of its flagship electric pickup truck, the Endurance.
Continue Reading SEC Settlement with Audit Firm Serves as Reminder of Important Independence RulesSEC Adopts Amendments to Modernize Beneficial Ownership Reporting
On October 18, 2023, the Securities and Exchange Commission (SEC) adopted amendments to the rules governing beneficial ownership reporting to “require market participants to provide more timely information on their positions to meet the needs of investors in today’s financial markets.”
Continue Reading SEC Adopts Amendments to Modernize Beneficial Ownership ReportingSEC Stays Repurchase Disclosure Rules and the Fifth Circuit Denies SEC’s Motion for Additional Time to Cure Rule Defects
On November 22, the Securities and Exchange Commission (SEC) stayed the recently enacted Share Repurchase Disclosure Modernization Rule (Repurchase Disclosure Rule) pursuant to section 705 of the Administrative Procedure Act and the U.S. Court of Appeals for the Firth Circuit’s (Fifth Circuit) October 31, 2023 opinion providing the SEC 30 days to correct defects in the Repurchase Disclosure Rule. For an overview of the Fifth Circuit’s October 31 opinion, please refer to our earlier blog post: Fifth Circuit Requires SEC to Revisit Share Repurchase Disclosure Rules.
Continue Reading SEC Stays Repurchase Disclosure Rules and the Fifth Circuit Denies SEC’s Motion for Additional Time to Cure Rule DefectsCalifornia GHG Emission Website Disclosure Legislation to Take Effect on January 1, 2024
Recently, the State of California enacted Assembly Bill 1305: the Voluntary Carbon Market Disclosures Act (AB 1305), which requires companies, under certain circumstances, to make website disclosures of certain information about their greenhouse gas (GHG) emissions and emissions-reduction programs.
Continue Reading California GHG Emission Website Disclosure Legislation to Take Effect on January 1, 2024Fifth Circuit Requires SEC to Revisit Share Repurchase Disclosure Rules
On October 31, the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) issued an opinion finding that the U.S. Securities and Exchange Commission (SEC) violated the Administration Procedure Act when adopting recent amendments to its share repurchase rules (as amended, the Rule). Rather than vacate the Rule, the Fifth Circuit provided the SEC with 30 days to correct the errors identified by the Fifth Circuit.
Continue Reading Fifth Circuit Requires SEC to Revisit Share Repurchase Disclosure RulesRegister Now | 5th Annual Corporate & Securities Counsel Public Company Forum
Please join us for our 5th Annual Corporate & Securities Counsel Public Company Forum.
Continue Reading Register Now | 5th Annual Corporate & Securities Counsel Public Company ForumCalifornia Legislature Passes Significant Climate Disclosure Bills With Potential Broad Scope
Over the weekend, California Governor Gavin Newsom signed into law two major climate-related disclosure bills, Senate Bill 253: Climate Corporate Data Accountability Act (SB 253) and Senate Bill 261: Greenhouse Gases: Climate-Related Financial Risk (SB 261), which could have potentially broad application for companies meeting certain revenue thresholds that conduct business in California, whether or not such companies are incorporated or headquartered in California.
Continue Reading California Legislature Passes Significant Climate Disclosure Bills With Potential Broad ScopeThe PCAOB Closes Comment Period on Controversial Proposal to Expand Auditor Responsibility for Legal Compliance
The Public Company Accounting Oversight Board (PCAOB) recently closed the comment period for its proposal (the Proposal) to significantly increase the responsibility of audit firms to evaluate and disclose a subject public company’s noncompliance with laws and regulations (commonly referred to as NOCLAR).
Continue Reading The PCAOB Closes Comment Period on Controversial Proposal to Expand Auditor Responsibility for Legal Compliance