SEC extends climate disclosure consultation

The U.S. Securities and Exchange Commission (SEC) is extending the public consultation period for its proposed rules to standardize climate-related disclosures for investors.

In a notice announcing the extension to June 17, the regulator said the move will provide “additional time” to analyze the issues and prepare comments, which will help the commission finalize its rules in this area. The window for feedback on its proposals was set to close on May 20.

Shortly after the SEC released its proposals in March, the newly formed global standards setter — the International Sustainability Standards Board (ISSB) — launched its own consultation on proposed standards for climate-related disclosure.

The ISSB’s proposals are out for public comment until July 29 and its final standards are expected to be released by the end of the year.

Last year, the Canadian Securities Administrators (CSA) were first out of the gate with proposed climate standards based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

The CSA has yet to issue final rules in the area.

The SEC also said it will reopen for 30 days the comment periods on rule proposals dealing with the regulation of private fund advisers and bringing certain Treasury markets platforms under the rules for alternative trading systems.

“Commenters with diverse views have noted that they would benefit from additional time to review these three proposals, and I’m pleased that the public will have additional time to provide thoughtful feedback,” SEC chair Gary Gensler said in a release.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.