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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-02-03T17:08:00
The Securities and Exchange Commission (SEC) is reportedly considering pulling back on key elements of its climate-related disclosure rule following pushback from investors, companies, and the public.
The SEC is still planning to finalize its sweeping mandate this year requiring public companies issue climate-related disclosures in their financial statements. Those disclosures would attempt to quantify the costs to their business caused by climate-related events like floods, fires, and drought as well the effect of environmental regulations on their bottom line. The regulator is also eyeing public companies disclose greenhouse gas (GHG) emissions their business generates.
Among changes being considered, according to a report from the Wall Street Journal on Friday, is easing of one of the more controversial details of the proposed rule: the bright-line test that if climate-related costs and risks affect more than 1 percent of a line item in a financial report, those costs and risks must be disclosed.
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News and analysis for the well-informed compliance or audit exec.
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2023-05-02T20:34:00Z By Aaron Nicodemus
Hester Peirce of the Securities and Exchange Commission argued materiality-based standards—not environmental, social, and governance standards—best suit investors’ needs during a recent speech.
2023-03-15T15:26:00Z By Maria L. Murphy
Companies are working on plans to reduce their carbon emissions. The popularity of environmental credits has grown as a way for companies to meet their emission reduction targets.
2023-03-07T16:08:00Z By Kyle Brasseur
Smaller reporting companies should, by default, have delayed compliance dates of at least one year on any new disclosure rule, SEC Commissioner Mark Uyeda said in a recent speech.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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