SEC Extends Comment Period on the Proposed Climate Risk Disclosure Rule, Reopens Comment Period on Two Other Rule Proposals
Following advocacy efforts by SFA and others, the SEC is providing additional time for the public to comment on recent rule proposals. Three SEC rule proposals—Regulation ATS proposed in November, amendments to the Investment Advisers Act for private fund advisers proposed in February, and most recently corporate disclosures of climate-change risks—were each originally opened to only a 30-day response period. In a press release on May 9, SEC Chairperson Gary Gensler said that after “significant interest” from industry participants and stakeholders, the currently open comment period would be extended until June 17 for the proposed climate change rule and for the other two proposed rules he would reopen the comment period on each for an additional 30 days. In providing a longer window for responses, Chair Gensler said, “The SEC benefits greatly from hearing from the public on proposed regulatory changes.”
SFA responded to the private funds rule by the original deadline focusing on the implications of the proposal on the CLO market, and SFA intends to submit a second letter by the new deadline. SFA intends to respond to the climate-change proposal as well.