SEC Commissioner Uyeda, one of the Republican appointees to the Securities & Exchange Commission, recently stated (in remarks at the 2025 “SEC Speaks” Conference) that the SEC should not rescind the climate disclosure rule...more
Federal Regulation On April 8, 2025, President Trump issued an executive order that sought to target actions undertaken by individual US states to combat climate change, for the stated purpose of ensuring “American energy...more
On April 24, 2025, the Eighth Circuit ordered that the litigation over the validity of the SEC's climate disclosure rule be “held in abeyance.” This order was in response to a submission by a coalition of blue states that...more
On March 27, 2025, as expected, the SEC under the Trump administration abandoned the climate disclosure rule promulgated by the Biden administration, specifically stating in a court filing that it would no longer defend the...more
As expected, the SEC under the Trump Administration has abandoned the climate disclosure rule promulgated by the Biden Administration. Specifically, as stated in a court filing today, “the Commission has determined that it...more
3/28/2025
/ Appeals ,
Biden Administration ,
Climate Change ,
Disclosure Requirements ,
Final Rules ,
Greenhouse Gas Emissions ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Trump Administration
The Trump administration’s SEC has begun the process of undoing the mandatory climate disclosure rule promulgated by the SEC under the Biden administration. Specifically, the SEC has now asked the Eighth Circuit — where the...more
In June 2023, Mintz published an article entitled “A Quantitative Analysis of Comment Letters Issued by the SEC Concerning Climate Change Disclosures” (the June 2023 Article), which analyzed the comment letters related to...more
2/20/2025
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
EDGAR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Sustainability
In a development that could hardly be termed unexpected, the Trump Administration SEC has begun the process of unraveling the climate disclosure rule promulgated by the SEC under the Biden Administration. Specifically, the...more
Every year, Mintz provides analysis of the regulatory developments that impact public companies as they prepare for their fiscal year-end filings with the Securities and Exchange Commission and their annual shareholder...more
2 On December 5, 2024, the California Air Resources Board--the agency responsible for implementing California's climate disclosure regulations--announced that it would “exercise enforcement discretion for the first reporting...more
The SEC continues its focus on greenwashing, despite the recent disbandment of the SEC’s Climate & ESG Task Force.Notably, in the past month, the SEC Department of Examinations has issued a risk alert focused on greenwashing,...more
1 On November 4, the SEC's Division of Examinations issued a risk alert that identified systematic problems with funds' ESG disclosures. Specifically, the SEC stated that “[f]unds [] mischaracterized the use of...more
On November 5, a federal district court judge in California denied plaintiffs' motion for summary judgment in a facial challenge to California's climate disclosure laws. Although this ruling is relatively limited in...more
3 On November 8, the SEC and an investment advisor entered into a settlement to resolve an administrative proceeding featuring allegations of greenwashing. Specifically, the investment advisor was alleged to have made...more
Despite the recent disbandment of the SEC’s Climate & ESG Task Force, the SEC is continuing to pursue enforcement actions concerning environmental issues, including greenwashing. Notably, over the past several weeks, the SEC...more
On October 21, 2024, the SEC imposed a fine of $4 million on investment adviser WisdomTree Asset Management Inc. for improperly labeling certain funds as compliant with ESG principles. According to the settled administrative...more
This summer, California Governor Newsom had proposed that California delay the implementation date of its climate disclosure law for two years. The California legislature rejected this proposal, instead passing S.B. 219,...more
The Securities & Exchange Commission has disbanded its Climate & ESG Task Force, which had been launched with great fanfare in March 2021 at the beginning of the Biden administration. However, the Climate & ESG Task Force had...more
On September 25, 2024, the federal district court in Minnesota denied Target Corp.'s motion to dismiss a consumer-fraud action against it featuring claims that a class of consumers were “deliberately misled [] by [Target]...more
Over the past couple of weeks, there have been a pair of greenwashing lawsuits filed--by both private plaintiffs and government regulators--that highlight the current focus on consumer products as a centerpiece of...more
It has been reported that the Securities & Exchange Commission has disbanded its Climate & ESG Task Force. This same task force had been launched with great fanfare in March 2021, at the beginning of the Biden...more
Companies in Australia will soon have to abide by a set of significant climate disclosures aligned with the International Sustainability Standards Board guidelines. These disclosures, which will impose significant compliance...more
Yesterday, Judge Bough (W.D. Mo.) issued a decision barring the recent anti-ESG rules Missouri had promulgated that prohibited investment advisers from utilizing ESG factors when making investment decisions (absent written...more
8/16/2024
/ Asset Management ,
Bars ,
Broker-Dealer ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fourteenth Amendment ,
Investment ,
Investment Adviser ,
NSMIA ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Written Consent
Earlier this year, the SEC issued its long-awaited regulation concerning mandatory climate disclosures. As expected, this climate disclosure rule was immediately challenged in the courts by, among others, conservative states...more
Governor Newsom has proposed that the implementation of California's mandatory climate disclosure laws--which apply to all companies doing business in California and earning more than $500 million in revenue--be delayed for...more