The US Securities and Exchange Commission (SEC) rulemaking process has received much attention under Chair Gensler’s leadership not only because of the volume and substance of proposed rules, but also because of the relatively short comment periods allotted for the public to respond pursuant to the Administrative Procedure Act process. As just one example of the reaction from market participants and others, see here an earlier Mayer Brown post summarizing a letter to the SEC from 25 trade associations seeking longer comment periods.
The SEC published a press release on May 9, 2022, announcing that it has extended the comment period for its proposed rule mandating climate-related disclosures by public companies. In addition, the SEC has reopened the comment periods for rule proposals related to private fund advisers and the inclusion of certain Treasury markets platforms within Regulation ATS.
Chair Gensler stated the following with respect to this action: “Today, the Commission acted to provide the public with additional time to comment on three proposed rulemakings that have drawn significant interest from a wide breadth of investors, issuers, market participants, and other stakeholders. The SEC benefits greatly from hearing from the public on proposed regulatory changes. 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.”
As a result of this action, the comment period for the proposed rules on climate-related disclosures will close on June 17, 2022 (not May 20, 2022, as originally anticipated). The comment periods for the rule proposals affecting private fund advisers and Regulation ATS will be reopened for 30 days following publication of the reopening release in the Federal Register.
For more information, please refer to our legal update and related webinar on the SEC’s proposed rules on climate-related disclosures.