- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-07T17:48:00
The Securities and Exchange Commission’s (SEC) latest regulatory agenda remains packed with proposals in the final rule stage, most notably the agency’s climate-related disclosure package.
The rule is one of 29 the SEC indicated it would like to adopt within the next 12 months on its fall 2023 rule list released Wednesday by the Office of Information and Regulatory Affairs. The agency’s spring list had 37 proposals in the final stage, a handful of which were recently passed as part of a Dodd-Frank Act rulemaking adoption spree.
But the agency’s controversial climate-related disclosure rule, proposed back in March 2022, has yet to be put forward to vote. That’s because the proposal received more than 16,000 comments, many expressing concern regarding requirements that public companies gather and report their Scope 3 emissions.
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Nearly two years after it was first proposed, the Securities and Exchange Commission is finally poised to approve its climate-related disclosure rule—albeit a watered-down version, by all indications.
More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
