Abstract
This article offers a comprehensive and in-depth analysis of the evolution of climate-related disclosure rules in US capital markets. It examines the early regulatory landscape, highlighting the SEC’s initial shortcoming to address climate risk disclosures for listed companies prior to 2020. The focus then shifts to the enhancement and standardisation of climate-related disclosures for investors, analysing its final rule and the SEC’s affirmative stance on climate-related disclosure. In addition, the article explores key differences between the final rule and the proposed rule, particularly in terms of materiality, disclosure metrics and forward-looking information, revealing the SEC’s balancing act between regulatory rigour and shareholder interests. Finally, the article contrasts the differences between the US rules and the IFRS-based standards that inform the UK’s Sustainability Disclosure Requirements (SDRs), offering valuable insights for financial practitioners, academics and policymakers in the UK.
| Original language | English |
|---|---|
| Pages (from-to) | 148-155 |
| Journal | Journal of International Banking Law and Regulation |
| Volume | 40 |
| Issue number | 4 |
| Publication status | Accepted/In press - Feb 2025 |
Keywords
- U.S. Securities and Exchange Commission
- Climate Disclosure Rules
- Capital Markets Law
- Corporate Finance
- Financial Law
- Financial Regulation
- ESG
- Securities Regulation
- Greenhouse Gas Emissions
- Disclosure Certification
- Sustainability Guidelines
- IFRS
- Securities Law
