On Wednesday, May 18, 2022 at 11:24:11 AM UTC-7, TomS wrote:
On Wednesday, May 18, 2022 at 11:14:11 AM UTC-7, Alan wrote:
On 2022-05-18 11:06 a.m., TomS wrote:
"The Securities and Exchange Commission estimates the plan will raise the cost to businesses to comply with its disclosure rules from $3.9 billion to $10.2 billion. The leap in expense equates to an ongoing additional cost of $420,000 a year on
average for a publicly listed small company and $530,000 a year for a bigger firm, the SEC said."
And you KNOW that these are under-estimates. Actual costs will likely be much higher.
https://www.wsj.com/articles/fight-brews-over-cost-of-sec-climate-change-rules-11652779802?mod=hp_lead_pos11
Those rules have been long in the making...
...and still aren't final.
Do you have any evidence that Biden's administration is responsible for their content?
And how in the hell do you "KNOW" that those are under-estimates, Sunshine?
Are you saying the WSJ is incompetent?
EIGHT MINUTES! Glad to see you have nothing more to do than camp out in front of your computer!
And, YES, the final rules could be even WORSE than what the SEC is saying now. The libtards running the SEC are trying to outdo one another to see which of them is the most WOKE. And, GUESS WHO is going to pay for this cost of compliance, Fool (this IS
a question for YOU!)?
Gibson Dunn (whom I have worked for in the past as an expert witness) explains these regulations in some detail:
https://www.gibsondunn.com/summary-of-and-considerations-regarding-the-sec-proposed-rules-on-climate-change-disclosure/
And of particular note are the liability implications, which will result in numerous lawsuits that the SEC has not factored in when estimating costs to companies:
B. Liability Implications
The proposed rules would treat all climate-related disclosures as “filed” rather than “furnished” (other than those included in a foreign private issuer’s Form 6-K, which generally are “furnished”). This means that, in addition to general
anti-fraud liability under Rule 10b-5 under the Exchange Act, such disclosures would be subject to incremental liability under Section 18 of the Exchange Act and, to the extent such disclosures are included or incorporated by reference into Securities
Act Registration Statements, subject to liability under Sections 11 and 12 of the Securities Act. Importantly, claims under Section 11 of the Securities Act and Section 18 of the Exchange Act do not require a plaintiff to prove scienter or negligence, in
contrast to claims under Rule 10b-5. As discussed above, there would be a limited safe-harbor from liability for Scope 3 emissions disclosures.
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