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SEC Issues Long-Awaited Climate Risk Disclosure Rule

Introduction - On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” by a...more

The EU CS3D Trilogue Nears Conclusion

Introduction - The Corporate Sustainability Due Diligence Directive (CS3D or Directive) is a mandatory framework of rules for companies that operate in the European Union (EU) and exceed certain revenue and employee...more

California Enacts Landmark ESG Legislation

Introduction - On 7 October 2023, California Governor Gavin Newsom signed into law landmark legislation mandating corporate climate and climate-related financial risk disclosures. Together, SB 253 and SB 261 apply to public...more

GOP ESG Bills Await US House Floor Consideration

ESG Activity in the House Financial Services Committee (HFSC) - Prior to departing for the August recess, Chairman Patrick McHenry (R-NC) wrapped up the month-long series of hearings considering digital assets and...more

SEC Adopts Final Rule Requiring Additional Proxy Voting Disclosures

On 2 November 2022, the U.S. Securities and Exchange Commission (SEC) voted 3–2, along party lines, to adopt a final rule and form amendments (together, the Final Rule) that would require additional disclosure on Form N-PX...more

Déjà Vu All Over Again: SEC Reverses 2020 Proxy Rules Changes and Proposes Shareholder Proposal Rule Changes

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has had a very active regulatory agenda that has invited a lot of controversy due to both its ambitious scope and the speed of implementation. While there are...more

SEC Issues Climate-Related Risk Disclosure Rule Proposal

The Biden administration has prioritized environmental, social, and governance (ESG) risks to capital markets, particularly climate-related financial risks (discussed in our previous alert, Biden Administration ESG Activity...more

Biden Administration ESG Activity Accelerates

On 20 May 2021, President Biden announced an Executive Order to help “tackle the climate emergency,” a top priority for his Administration.1 The Executive Order builds upon the Securities and Exchange Commission’s (SEC or...more

SEC to Move Quickly on Proposed ESG Disclosures

The Securities and Exchange Commission (SEC or the Commission) has announced a series of initiatives reorienting the Commission’s agenda to focus on environmental, social, and governance (ESG) issues. In particular, the...more

After the Election: What Can and Will Get Done?

The Biden-Harris transition is in full swing. President-elect Biden has started announcing Cabinet positions, and key staff and agency teams are soliciting input as they work feverishly to put together personnel, policies,...more

Biden Proposals - The Big Picture

As Democrats “gather” next week for their (mostly virtual and remote) convention to formally nominate Joe Biden as their candidate for President, it is important to think about what a Biden presidency would mean for your...more

DOL Issues Proposed Rule on ESG Investing for ERISA Plans: Part 1: History and State of Play

On 23 June, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed rule, Financial Factors in Selecting Plan Investments (the Proposed Rule). EBSA has regulatory authority over...more

COVID-19: Federal Reserve Expands the Main Street Lending Program

On April 30, the Federal Reserve Board (“Board”) announced an expansion of the Main Street Loan Program and updated terms to the program’s original offerings. The program is now comprised of the Main Street New Loan (“New...more

COVID-19: The Federal Reserve Announces New and Expanded Liquidity Facilities to Provide $2.3 Trillion in Funding

On Thursday, April 9, the Federal Reserve Board (“FRB”) announced the terms sheets of four new liquidity facilities and expanded the scope of the previously announced Term Asset-backed Securities Liquidity (“TALF”), the...more

COVID-19: The Federal Reserve Establishes the FIMA Repo Facility to Maintain Stability of U.S. Dollar-Denominated Wholesale...

On March 31, the Federal Reserve Board (“FRB”) announced the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities, known as the “FIMA Repo Facility.” This is the...more

COVID-19: The Federal Reserve Establishes Three New Liquidity Facilities and Expands the Scope of Two Existing Liquidity...

To mitigate the “severe disruptions” to the U.S. economy caused by the COVID-19 crisis, the Federal Reserve Board (“Federal Reserve”) is ramping up its efforts to “support…the flow of credit to American families and...more

COVID-19: The Federal Reserve Board Establishes a Money Market Mutual Fund Liquidity Facility

The Federal Reserve is establishing a Money Market Mutual Fund Liquidity Facility (“MMFL Facility”) for prime money market mutual funds to support “the flow of credit to households and business” in these current markets. ...more

COVID-19 Response: Financial Regulators Seek to Blunt Impact with Emergency Measures

I. INTRODUCTION - As a result of the recent outbreak of COVID-19, financial markets and institutions have experienced significant disruptions. ...more

COVID-19: How The Tax Code Can Help The Economy Recover

The tax code could play a key role as discussions about a tax stimulus package intensify - The coronavirus has taken over Washington, D.C., if not through infection, then through a focus on policy prescriptions to help the...more

COVID-19: Grassley: “Targeted Tax Relief” Being Considered to Counter Economic Effects of Coronavirus Spread

As the novel coronavirus (COVID-19) continues to spread globally and the number of cases in the U.S. grows, attention on Capitol Hill has shifted to potential legislative responses aimed at combatting the outbreak and...more

In the Weeds: House Moves Toward Opening Banks to Cannabis-Related Legitimate Businesses

On Wednesday, September 25th, the House of Representatives approved the “Secure and Fair Enforcement (SAFE) Banking Act of 2019” (H.R. 1595) by a vote of 321 to 103. The bipartisan bill is the first stand-alone cannabis...more

With CCPA Looming on the Horizon, Congress Continues Its Push for Privacy Legislation

Those hoping California lawmakers might delay or significantly narrow the scope of the California Consumer Privacy Act (“CCPA”) before it takes effect on January 1, 2020, were disappointed last week, when the legislature...more

K&L Gates Responds to the Federal Reserve’s Rulemaking on Control Proceedings

On May 14, 2019, the Board of Governors of the Federal Reserve System (the “Board”) issued a notice of proposed rulemaking to revise the Board’s regulations on determining controlling influence over a company for purposes of...more

Federal Agencies Seek Input on Regulation of Automated Vehicles: Add Your Voice

Along with temperatures in Washington, D.C., federal regulatory activity on automated vehicles (“AVs”) is heating up this summer. Both the Federal Motor Carrier Safety Administration (“FMCSA”) and National Highway Traffic...more

Five Questions You Should Be Asking as Congress Takes on Privacy Legislation

Over the past few months, the question of “if” Congress should strengthen privacy protections has increasingly become a matter of “when” and what form the legislation should take. ...more

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