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The Securities and Exchange Commission announced Thursday afternoon it will halt implementation of its climate-risk disclosure rule as it faces several challenges in the U.S. Eighth Circuit of Appeals.
The agency is facing nine petitions challenging the rule, including attempts to have the rule paused by multiple parties. After 31 petitioners filed a motion earlier this week rejecting the SEC’s request to have a consolidated briefing on all lawsuits filed, the agency said it will exercise its discretion to pause the rule until the review of its legal challenges has been completed, according to the order.
Despite issuing the stay, the SEC said in the order it still believes the rule is consistent with applicable laws and it is “within the Commission’s long-standing authority to require the disclosure of information important to investors in making investment and voting decisions.”
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