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The court-ordered stay of the SEC’s new climate rules
(discussed in our prior post here) has been lifted, at least for the time
being. The stay was in effect for only a week and was lifted by the
same court that imposed it, the United States Court of Appeals for
the Fifth Circuit. The court lifted the stay in connection with the
transfer of the case to the Eighth Circuit, which was assigned
responsibility for reviewing the petition filed in the Fifth
Circuit as well as similar petitions filed in other circuits. The
court’s order did not provide a rationale for the reversal.
Interestingly, the order notes that one judge opposed the
reversal.
The Eighth Circuit has the power to reimpose the stay, either on
the same or different terms. Companies affected by the climate
rules should continue to monitor the case for further
developments.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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