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Carbon Quarterly – Volume 11

Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

Trump 2.0 Executive Orders; Shock and Awe

Overview - Since his inauguration on 20 January 2025, President Donald J. Trump has signed dozens of executive orders and presidential memoranda on topics including, but not limited to, energy and the environment;...more

Carbon Quarterly–Volume 10

Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

House ESG Oversight Focuses on Proxy Voting; Issuer Attention Is on CSRD

Introduction - Throughout the 118th Congress, the US House of Representatives (House) has remained focused on oversight of environmental, social and governance (ESG) issues. In particular, the House Financial Services...more

Carbon Quarterly – Volume 9

Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

Carbon Quarterly – Volume 8

Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

SEC Issues Long-Awaited Climate Risk Disclosure Rule

Introduction - On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” by a...more

The EU CS3D Trilogue Nears Conclusion

Introduction - The Corporate Sustainability Due Diligence Directive (CS3D or Directive) is a mandatory framework of rules for companies that operate in the European Union (EU) and exceed certain revenue and employee...more

California Enacts Landmark ESG Legislation

Introduction - On 7 October 2023, California Governor Gavin Newsom signed into law landmark legislation mandating corporate climate and climate-related financial risk disclosures. Together, SB 253 and SB 261 apply to public...more

GOP ESG Bills Await US House Floor Consideration

ESG Activity in the House Financial Services Committee (HFSC) - Prior to departing for the August recess, Chairman Patrick McHenry (R-NC) wrapped up the month-long series of hearings considering digital assets and...more

Complying with FinCEN's Beneficial Ownership Reporting Rules Under the Corporate Transparency Act

Starting on 1 January 2024, entities will need to comply with the reporting rules under the Corporate Transparency Act (CTA).1 The implementing Treasury regulations were published on 30 September 2022.2 The CTA applies both...more

2023 ESG State Legislation Wrap Up

In January of 2021, Senate Bill 2291 was introduced into the North Dakota state senate. It was considered, adopted, and signed into law three months later in March of 2021. This bill was the first of what would become scores...more

SEC Adopts Final Rule Requiring Additional Proxy Voting Disclosures

On 2 November 2022, the U.S. Securities and Exchange Commission (SEC) voted 3–2, along party lines, to adopt a final rule and form amendments (together, the Final Rule) that would require additional disclosure on Form N-PX...more

Déjà Vu All Over Again: SEC Reverses 2020 Proxy Rules Changes and Proposes Shareholder Proposal Rule Changes

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has had a very active regulatory agenda that has invited a lot of controversy due to both its ambitious scope and the speed of implementation. While there are...more

SEC Issues Climate-Related Risk Disclosure Rule Proposal

The Biden administration has prioritized environmental, social, and governance (ESG) risks to capital markets, particularly climate-related financial risks (discussed in our previous alert, Biden Administration ESG Activity...more

Three Key Takeaways from FSOC's Climate-related Financial Risk Report

INTRODUCTION - In her keynote remarks at COP26 during the Finance Day Opening Event, Treasury Secretary Janet Yellen discussed the Financial Stability Council’s (FSOC) historic Report on Climate-related Financial Risk...more

Biden Administration ESG Activity Accelerates

On 20 May 2021, President Biden announced an Executive Order to help “tackle the climate emergency,” a top priority for his Administration.1 The Executive Order builds upon the Securities and Exchange Commission’s (SEC or...more

SEC to Move Quickly on Proposed ESG Disclosures

The Securities and Exchange Commission (SEC or the Commission) has announced a series of initiatives reorienting the Commission’s agenda to focus on environmental, social, and governance (ESG) issues. In particular, the...more

European Commission Proposes New Corporate Sustainability Reporting Legislation

The need for a new sustainability reporting framework - On 21 April 2021, the European Commission (the Commission) adopted the Sustainable Finance Package (the Package). The Package is comprised of an ambitious set of policy...more

Cannabis Banking: The SAFE Banking Act 2.0 Passes the House of Representatives

On 19 April 2021, the House of Representatives passed the “Secure and Fair Enforcement (SAFE) Banking Act of 2021”1 by a vote of 321-101. The bill was approved on a significantly bipartisan basis as 106 Republicans...more

Cannabis Banking: The SAFE Banking Act 2.0's Status, Key Modifications, and Prospects

Introduction - In September 2019, the U.S. House of Representatives passed the “Secure and Fair Enforcement (SAFE) Banking Act of 2019”, the first stand-alone cannabis legislation to be approved by the House of...more

Looking Ahead: President Trump's Potential Second Term Policy Agenda

With the 2020 presidential election underway, now is the time for businesses and organizations to consider the potential impacts of the next presidential administration’s policies and priorities. In the first installment of...more

DOL Issues Proposed Rule on ESG Investing for ERISA Plans: Part 1: History and State of Play

On 23 June, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed rule, Financial Factors in Selecting Plan Investments (the Proposed Rule). EBSA has regulatory authority over...more

COVID-19: Legislation Seeks to Establish a Federal Reinsurance Program to Insure Future Pandemic-Related Business Interruption...

As the insurance industry resists providing coverage for the spate of business interruption claims arising out of the COVID-19 pandemic, and coverage lawsuits are starting to spring up around the country, some federal...more

COVID-19: Federal Reserve Expands the Main Street Lending Program

On April 30, the Federal Reserve Board (“Board”) announced an expansion of the Main Street Loan Program and updated terms to the program’s original offerings. The program is now comprised of the Main Street New Loan (“New...more

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