On April 11th, the SEC announced that it has delayed the effective date for rules adopted in March 2024 under the Securities Act and Securities Exchange Act that require domestic and foreign registrants to include specific climate-related data in their annual reports and registration statements. The final rules require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition.
The rules also mandate that a registrant format the climate-related disclosures in a structured, machine-readable data language. Specifically, the rules require a registrant to tag this data in Inline eXtensible Business Reporting Language (Inline XBRL) in accordance with Rule 405 of Regulation S-T and the EDGAR Filer Manual.
The final rules were to go into effect on May 28, 2024. The effective date of the final rules now is delayed indefinitely pending the completion of judicial review in consolidated proceedings in the Eighth Circuit. The SEC will issue subsequent notification in the Federal Register announcing the effective date for the final rules following the completion of judicial review of the consolidated Eighth Circuit petitions.
Source:
The Enhancement and Standardization of Climate-Related Disclosures for Investors; Delay of Effective Date (sec.gov)
