The February 8, 2010, Federal Register published the U.S. Securities and Exchange Commission's interpretive guidance to assist public companies regarding current SEC requirements as they relate to climate change (the "Guidance"). With this publication,?the SEC aims to clarify the scope of, and promote consistency in, disclosures by public companies of material risks related to climate change. The Guidance is effective as of February 8, 2010.??A copy?of the Guidance as published in the Federal Register is available?here.
In its press release announcing the Guidance, the SEC noted that it neither creates new nor modifies existing legal requirements. In comments before the January 27, 2010, Open Commission Meeting on Disclosure Related to Business or Legislative Events on the Issue of Climate Change, SEC Chairman Mary Schapiro said the SEC is "not considering amending well-defined rules concerning public company reporting obligations, nor redefining long-standing interpretations of materiality." She emphasized that the SEC is not "opining on whether the world's climate is changing; at what pace it might be changing; or due to what causes." Rather, Schapiro stated the purpose of the Guidance is to assist "public companies in determining what does and does not need to be disclosed."? A copy of the SEC's press release is available here?and a copy of Chairman Schapiro's remarks are available?here.
Existing SEC reporting requirements require that a company report "material" information regarding environmental liabilities when describing its business, identifying pending legal proceedings, disclosing significant risk factors, and discussing management's financial condition and results of operation. The Guidance highlights four areas where climate change may trigger disclosure obligations consistent with existing SEC requirements as follows:
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Law360 article "NJ Bill Paves An Aggressive Affordable-Housing Path."
The arrival of Steven Wernick and Joseph Ruiz of Wernick & Co to Day Pitney's Miami office was featured in Miami Today's People column. Wernick and Ruiz are joining the firm's real estate, environmental and land use practices as a partner and counsel. Wernick & Co. built its reputation in the Miami area through experience in land use and zoning.
The Day Pitney Real Estate, Environmental, and Land Use Team, led by practice co-chair Katharine Coffey, represented the developers Russo Development, Onyx Equities LLC, and Dinallo Development LLC/Terminal Construction in connection with multiple transactions facilitating the development of Hackensack Meridian Health's $200 million, first-of-its-kind health care facility at Metropark, a mass transit hub in Woodbridge, NJ.
The arrival of Miami Attorneys Steven J. Wernick and Joseph Ruiz was featured in The Real Deal's Movers and Shakers column. Wernick, who joined as a partner, previously founded Wernick & Co, a Miami-based law firm specializing in land use and urban redevelopment.
Day Pitney Real Estate Partner Steven J. Wernick is featured in the Law360 article, "Revisions Show Fla.'s Dedication To Affordable Housing Law."
The arrival of Miami Real Estate and Land Use Attorneys Steven J. Wernick and Joseph Ruiz were featured in a Law360 article. Wernick and Ruiz joined from Wernick & Co, a land use boutique noted for numerous development projects in Miami's arts-focused Wynwood neighborhood.
The arrival of Miami-based Real Estate Partner Steven Wernick and Joseph Ruiz of Wernick & Co. to the firm's Miami office was featured in Attorney At Law Magazine article, "Day Pitney Continues Growth Trajectory of Corporate Department with Addition of Wernick & Co. in South Florida."
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New Jersey Of Counsel Christopher Stracco and Associates Palak Sharma and Erin Hodgson co-authored a chapter in the American Bar Association’s 28th Edition of The Property Tax Deskbook, which is described by the publisher as a “comprehensive guide provides taxpayers and tax practitioners with an essential, reliable, and annually updated compendium of information about property taxation law and procedure in all 50 states and the District of Columbia.”
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