The Securities and Exchange Commission Issues Interpretive Guidance on Disclosure of Climate Change Impacts

On February 8, 2010, the Securities and Exchange Commission (SEC or Commission) issued its first official interpretive guidance to public companies regarding disclosure of climate change impacts.  The Commission has stepped forward to promulgate a “final rule” in a contentious and controversial area and intends to “monitor the impact of this interpretive release on company filings.”  The message is clear:  climate change impacts are now “fair game” for SEC regulatory review and enforcement action, and potentially-affected companies should act expeditiously to evaluate their present SEC disclosure policies and practices to be assured of their appropriateness.

Zelle Hofmann attorneys Perry Wallace and Durwood Zaelke authored a white paper entitled "The Securities and Exchange Commission Issues Interpretive Guidance on Disclosure of Climate Change Impacts," explaining the SEC's interpretive guidance, how it impacts the requirements for reporting, and considerations in bringing or keeping company filings in compliance. To view the white paper, please click here.