On April 8, 2025, President Trump issued an executive order titled “Protecting American Energy From State Overreach” (the Order). The Order asserts that state and local laws and policies covering various aspects of energy...more
In light of ongoing litigation and the Trump administration’s new policy approach, federal banking agencies intend to rescind the 2023 CRA final rule and revert to pre-2023 standards....more
4/8/2025
/ Banking Regulators ,
Banking Sector ,
Biden Administration ,
Community Reinvestment Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Judicial Authority ,
OCC ,
Regulatory Reform ,
Trump Administration
Paramount to the ruling in the upcoming May 5, 2025, hearing is the likelihood that strict scrutiny will apply to the plaintiffs’ First Amendment claims against SB 253 and SB 261....more
3/10/2025
/ California ,
CARB ,
Chamber of Commerce ,
Climate Change ,
Constitutional Challenges ,
Disclosure Requirements ,
Environmental Policies ,
First Amendment ,
Greenhouse Gas Emissions ,
Preliminary Injunctions ,
Regulatory Requirements ,
Strict Scrutiny Standard
Supremacy Clause and Dormant Commerce Clause claims against SB 253 and SB 261 were dismissed, while claims under the First Amendment proceed to discovery....more
2/27/2025
/ California ,
California Air Resources Board ,
Carbon Emissions ,
Climate Change ,
Constitutional Challenges ,
Discovery ,
Dormant Commerce Clause ,
Environmental Policies ,
First Amendment ,
Greenhouse Gas Emissions ,
Reporting Requirements ,
Supremacy Clause
Fair access banking laws, at the epicenter of the debates between ESG and so-called antiwoke regulation and federal/state preemption, may see a resurgence under the new presidential administration.
In recent years, the...more
Through the course of 2024, the development of the ESG and sustainability landscape was dynamic. We anticipate that this dynamism will intensify in 2025, given the implementation and potential amendment of ESG-related...more
“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration.
In recent years, the landscape of...more
1/8/2025
/ Banking Sector ,
Biden Administration ,
Compliance ,
Consumer Protection Laws ,
Dodd-Frank ,
Environmental Social & Governance (ESG) ,
Fair Access to Credit ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
OCC ,
Preemption ,
Regulatory Agenda ,
Regulatory Freeze ,
State and Local Government ,
Trump Administration
CARB will not penalize reporting entities for incomplete Scope 1 and 2 emissions disclosures under SB 253, irritating lawmakers and raising the specter of oversight hearings....more
1/2/2025
/ CARB ,
Climate Change ,
Comment Period ,
Corporate Governance ,
Disclosure Requirements ,
Financial Reporting ,
Governor Newsom ,
Greenhouse Gas Emissions ,
Proposed Amendments ,
Risk Assessment ,
Rulemaking Process ,
Time Extensions
In-scope entities should keep preparing for compliance with Senate Bills 253 and 261 as the lawsuit proceeds past an initial summary judgment motion....more
11/19/2024
/ CARB ,
Chamber of Commerce ,
Clean Air Act ,
Climate Change ,
Constitutional Challenges ,
Corporate Governance ,
Disclosure Requirements ,
Discovery ,
First Amendment ,
Greenhouse Gas Emissions ,
Motion for Judgment ,
Pending Litigation ,
Risk Assessment ,
Supremacy Clause ,
Task Force on Climate-related Financial Disclosures (TCFD)
In the December 2023 edition of Regulatory Updates in Asia ESG we provided an update on how jurisdictions across Asia are responding to the International Sustainability Standards Board (ISSB) standards. Several regulators in...more
9/3/2024
/ Asia ,
Climate Change ,
Consultation ,
COP ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Hong Kong ,
IFRS ,
International Regulatory Standards ,
IOSCO ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices
Artificial intelligence (AI) has become an indispensable tool, but with the rapid advancement in the technology has come a rise in electricity demand, drawing regulatory attention on the natural resources that AI requires....more
7/22/2024
/ Artificial Intelligence ,
Biden Administration ,
Climate Change ,
Electricity ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Infrastructure ,
NIST ,
Proposed Legislation ,
Regulatory Oversight ,
Risk Management
Private capital providers, investors, asset managers, and financial institutions will likely continue to face a fragmented regulatory landscape on ESG matters.
Various US states have taken and continue to take action on...more
6/24/2024
/ Asset Management ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investors ,
New Legislation ,
Private Equity ,
Proposed Legislation ,
Sustainability ,
Sustainable Business Practices
With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector.
On May 9, 2024, the Board of Governors of the Federal...more
Questions around the governance of artificial intelligence (AI) have come to the fore via recent, prominent US shareholder proposals and first-of-their kind enforcement actions, which we describe in depth here. It is in this...more
The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year.
On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that...more
4/9/2024
/ Administrative Procedure Act ,
Case Consolidation ,
Chevron Deference ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Final Rules ,
Greenhouse Gas Emissions ,
Rules of Civil Procedure ,
Securities and Exchange Commission (SEC) ,
Statutory Interpretation ,
Sustainable Business Practices
The long-awaited rules, already at the center of political debate and litigation, represent another global regulatory effort to integrate climate considerations into financial reporting.
On March 6, 2024, nearly two years...more
The court’s decision is the latest development in the litigation over the SEC’s final rules, which have faced numerous legal challenges since their adoption.
On March 15, 2024, the US Court of Appeals for the Fifth Circuit...more
3/21/2024
/ Administrative Procedure Act ,
Annual Reports ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On March 6, 2024, in a 3-2 vote, the US Securities and Exchange Commission (SEC) adopted final rules requiring registrants to disclose certain climate-related information in registration statements and annual reports. ...more
3/7/2024
/ Annual Reports ,
Climate Change ,
Compliance ,
Compliance Dates ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Greenhouse Gas Emissions ,
Publicly-Traded Companies ,
Registration Statement ,
Regulation S-K ,
Regulation S-X ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
Amid new regulations, increased enforcement and litigation, and higher stakeholder scrutiny, companies will need to adopt an integrated and nuanced approach to ESG.
In some ways, 2023 was a challenging year for ESG. This...more
1/17/2024
/ Advertising ,
Artificial Intelligence ,
Business Strategies ,
Climate Change ,
Corporate Counsel ,
Corporate Governance ,
Corporate Liability ,
Corporate Social Responsibility ,
Cross-Border Transactions ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investors ,
Popular ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Shareholder Activism ,
Strategic Planning ,
Supply Chain ,
Sustainable Business Practices ,
Trade Policy ,
Transparency
The first global stocktake, Article 6, carbon markets, new finance pledges, and the loss and damage fund formed the major developments at this year’s conference.
Between November 30 and December 12, 2023, Dubai hosted the...more
12/28/2023
/ Climate Change ,
COP ,
Dubai ,
Energy Market ,
Energy Sector ,
Environmental Policies ,
Greenhouse Gas Emissions ,
Oil & Gas ,
Paris Agreement ,
Renewable Energy ,
UNFCCC ,
United Nations
The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing.
On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more
Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices.
On October 30, 2023, the three US federal bank regulatory agencies...more
11/8/2023
/ Banking Sector ,
Biden Administration ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
New Guidance ,
OCC ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Strategic Planning
Venture capital firms should begin planning now for compliance to avoid monetary penalties or court action. California Governor Gavin Newsom signed Senate Bill No. 54 (SB 54) into law on October 8, 2023.
The bill is...more
As ESG statements fall under increasing scrutiny, sponsors should aim for consistent and accurate messaging, as well as robust ESG strategies.
Regulatory drivers and stakeholder demands have put environmental, social,...more
The amendments aim to modernize the Names Rule and promote investor protection objectives by ensuring that a fund’s portfolio of holdings aligns with its name.
The US Securities and Exchange Commission (the SEC or the...more