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 attorneys Von Sanborn and Justin Hannan will be speaking at "Qualified Opportunity Funds – A Primer for Attorneys," a program presented by the Boston Bar Association (BBA).
William Pezzoni, Jared Ross and Justin Hannan spoke at “Commercial Masterminds,” a Northeast Regional event hosted by the Keller Williams Commercial Real Estate Division on May 2 in Westford, MA.
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On March 20, Craig Gianetti, a partner in Day Pitney's Real Estate & Land Use group and secretary of the New Jersey State Bar Association (NJSBA) Land Use Section, will be moderating and speaking at the 2019 Land Use Update, a program presented by the New Jersey Institute for Continuing Legal Education (NJICLE) and being held at the New Jersey Law Center in New Brunswick, NJ.
Day Pitney Press Release
Peter Wolfson was mentioned in an article, "Over-Capacity Crowd for Madison Historic Preservation Commission's Hearing on Proposed Movie Theater Redevelopment," published by Tapinto.net.
Kate Coffey was mentioned in an article, "Planning Board Grants Preliminary Approval for Assisted Living Facility," published by centraljersey.com.
Day Pitney Press Release
Elizabeth Barton was quoted in an article, "Why Businesses Must Lead on Sustainability," published by the Connecticut Business and Industry Association, Inc.