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The wait is over: SEC issues final climate-related disclosure rules
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The Securities and Exchange Commission (SEC) recently adopted its long-awaited climate-related disclosure rules. Get the initial highlights from our team as we digest the 886-page rule.
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| Letter from our ESG services leader |
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Dear Analisa,
Welcome to our March newsletter. The SEC recently announced its final climate-related disclosure rules, prompting speculation about potential litigation and sparking a lot of questions. How do the final rules compare to the initial proposal? How do they align with other domestic and international reporting obligations? What steps should you take now to facilitate adoption?
Our integrated environmental, social, and governance (ESG) team is here to help answer these questions and offer more guidance. Our featured article this month is a rundown of the rules and what comes next. We'll also cover highlights in our March webinar, and our April webinar will take a deep dive into the rules. You can register for both webinars at the links below.
We’re continually working to keep you updated on the latest developments in ESG, and we hope this newsletter is informative and helpful. Please reach out with any feedback or ideas for future topics. If you have questions or need help with ESG-related matters, contact me today.
Thanks for your time, |
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Recent trends in ESG
Our team covers recent regulations – including the new SEC climate-related disclosure rules – and pressing matters in ESG in our March 27 webinar. |
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The new SEC climate rules: What you need to know
Crowe specialists dive into the new SEC climate-related disclosure rules, covering the details of the rules and how to prepare your organization for what’s next during our April 9 webinar. |
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| Regulatory and governance updates |
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5th Circuit to reconsider challenge to Nasdaq board diversity rule
On Feb. 19, the 5th U.S. Circuit Court of Appeals vacated a prior panel decision that upheld Nasdaq board diversity disclosure rules and agreed to reconsider the case. Nasdaq-listed companies should monitor the case for developments that could affect compliance dates and requirements.
Read the Feb. 19 decision to reconsider the case
Review the original decision (overturned by the Feb. 19 decision)
IFRS Foundation issues guide for jurisdictional adoptions of ISSB standards
The International Financial Reporting Standards® (IFRS) Foundation unveiled its "Preview of the Inaugural Jurisdictional Guide for the Adoption or Other Use of ISSB Standards" at the IFRS Sustainability Symposium. Organizations reporting under the International Sustainability Standards Board (ISSB) standards can use the guide to understand their jurisdiction's approach.
Read the IFRS news release and preview
IFRS Foundation highlights importance of industry-specific sustainability disclosures
The IFRS foundation developed a webinar and suite of educational materials to help stakeholders understand the importance of industry-specific sustainability disclosures.
Access the webinar and materials
New York and Illinois introduce state bills similar to California’s climate rules
New York Senate Bill S897A and Illinois House Bill HB4268 would establish climate corporate data accountability acts, requiring certain businesses to disclose Scope 1, Scope 2, and Scope 3 emissions and establish procedures for climate accountability and emissions disclosures.
Read more about the proposed New York legislation
Read more about the proposed Illinois legislation
New York DFS issues guidance for banking and mortgage institutions
The New York State Department of Financial Services (DFS) issued guidance in December 2023 for New York state-regulated banking and mortgage institutions to support efforts in assessing and managing material climate-related financial and operational risks.
Read the guidance
SEC enforcement director remarks on ESG
SEC Enforcement Division Director Gurbir Grewal remarked on the intersection of ESG disclosures and federal securities laws, indicating that public companies and investment advisers should carefully consider their ESG disclosures.
Read the full remarks
Deal reached on EU forced labor ban
The Council of the European Union (EU) and the European Parliament have reached a provisional deal on the regulation prohibiting in the EU market products made with forced labor.
Read about the deal
Singapore implements climate reporting
Singapore will implement mandatory climate-related reporting requirements for listed and large nonlisted companies, with obligations for some to begin disclosing in line with the IFRS’ ISSB standards starting as early as 2025.
Prepare for potential new reporting obligations
EPA AIM Act audit due May 31
The Environmental Protection Agency (EPA) has released guidance on the auditing requirement of its phasedown of hydrofluorocarbons regulations under the American Innovation and Manufacturing Act of 2020 (AIM Act). The EPA specifies that agreed-upon procedures engagements meet the auditing requirement and should be performed by an independent CPA in accordance with the American Institute of Certified Public Accountants’ attestation standards.
Read the guidance
Register for EPA webinar to learn more |
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| Looking for more information on ESG? |
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Check out our ESG resource center for the latest updates on regulations, best practices, and industry developments.
Ready to take the next step on your ESG journey? Contact our team. |
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