The Congressional Research Service reviewed the SEC's current guidance on climate change risk disclosures, the application of SEC criteria for the "materiality" standard on disclosures, current SEC efforts to address climate-related impacts on global supply chain risks, and SEC related environmental, social and governance regulations.
SEC Division of Corporation Finance Acting Chair John Coates and SEC Acting Chief Accountant Paul Munter highlighted potential errors in accounting for warrants issued by Special Purpose Acquisition Companies.
The SEC Division of Examinations observed compliance deficiencies related to environmental, social and governance products and services offered by investment advisers, registered investment companies and pooled investment vehicles.
SEC Division of Corporation Finance Acting Director John Coates argued against claims by commentators that Special Purpose Acquisition Companies face lesser securities law liability in the context of a "de-SPAC" transaction than traditional IPOs.
SEC Acting Chair Allison Herren Lee requested public comment on climate change-related disclosure, and reaffirmed her commitment to the development of an effective environmental, social and governance disclosure framework.