US APPEALS COURT TEMPORARILY HALTS SEC’S CLIMATE CHANGE DISCLOSURE RULES

On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules require public companies to provide information about climate-related risks that could significantly impact their business or financial statements. See our previous Legal Update for a more detailed discussion of the SEC rules adopted on March 6, 2024.

The petition for administrative stay (i.e., a stop order) was filed by certain oil-field-services companies, who requested the stay as interim relief while the court continues to review the legal challenges to the SEC rules. The Fifth Circuit did not explain its one-sentence order granting the stay.

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