Published in Business Law Today, Volume 19, Number 5, May/June 2010. © 2010 by the American Bar Association. Reproduced with permission. All rights reserved.

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On February 2, 2010, the Securities and Exchange Commission issued an interpretative release that provides guidance to public companies on existing disclosure requirements regarding risks relating to climate change and greenhouse gas emissions. SEC Release No. 33-9106, February 2, 2010. Last July, the authors wrote about then recent developments in this area. See Disclosing Environmental Liabilities: Recent Developments in Legal and Accounting Standards, 61 Business Law Today (July/August 2009). The commission’s guidance is the latest development and will likely have the greatest effect thus far on disclosure practices in this area. Although the guidance does not create any new requirements, it is likely to force companies to consider disclosures more carefully and to provide broader disclosures.

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