At an ISDA Derivatives Forum, SEC Commissioner Hester Peirce cautioned against "build[ing] a neat set of [environmental, social and governance metrics] that then get incorporated into a whole array of financial transactions."
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.
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 Director Peter Driscoll described the regulatory and operational challenges of delivering financial services during the pandemic, the issuance of alerts on pandemic and emergent risks (including on cybersecurity), and the roll out of Regulation Best Interest.
At an SEC Asset Management Advisory Committee meeting, SEC Commissioners Hester M. Peirce and Elad L. Roisman questioned the advisory committee's focus on environmental, social and governance concerns.
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.