January 23, 2024
Gazing into the Crystal Ball: Rulemaking Timing Remains Uncertain
At the Northwestern Securities Regulation Institute yesterday, the SEC representatives participating in the conference were not able to offer any further guidance on the timing of the SEC’s proposed rules (other than the SPAC rules, which are to be considered tomorrow). There is certainly no surprise on this front, given that the Commissioners and the Staff are always trying to avoid being seen as front running the Commission’s determinations as to the timing of rulemakings. The timing questions are getting more interesting as we are now in the midst of the presidential election season, which will inevitably put pressure on the SEC to move forward with the more controversial topics on the rulemaking agenda, such as climate disclosure.
On a panel titled “Tackling Your ESG Disclosures in an Evolving World” at the Securities Regulation Institute, the panel speculated about a very specific date for Commission action on the climate disclosure rules. It was discussed that March 8th might be a date by which this rulemaking is considered by the Commission, given the possibility of another government shutdown upon the expiration of the current continuing resolutions and the prospect of invalidation of the rulemaking under the Congressional Review Act.
– Dave Lynn