{"id":2128,"date":"2022-02-01T12:05:00","date_gmt":"2022-02-01T17:05:00","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2128"},"modified":"2022-02-01T12:05:00","modified_gmt":"2022-02-01T17:05:00","slug":"a-climate-change-related-sec-comment","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/a-climate-change-related-sec-comment\/","title":{"rendered":"A Climate Change Related SEC Comment"},"content":{"rendered":"<p>Climate change has been a major and well publicized part of the SEC\u2019s agenda in the last year.\u00a0 As you can read on the <a href=\"https:\/\/www.sec.gov\/sec-response-climate-and-esg-risks-and-opportunities\">climate change section of the SEC\u2019s webpage<\/a>, CorpFin focused on climate change in the review process, the Enforcement Division formed a climate change task force, and the Commission issued an Invitation to Comment on climate change related matters.<\/p>\n<p>CorpFin comment letters have addressed climate change.\u00a0 On September 22, 2021, the staff issued this <a href=\"https:\/\/www.sec.gov\/corpfin\/sample-letter-climate-change-disclosures\">sample letter to companies<\/a> providing examples of the types of comments it is issuing.<\/p>\n<p>A recent <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001259380\/000000000021014400\/filename1.pdf\">comment letter<\/a> to CarMax Auto Funding LLC regarding a registration statement disclosure provides an example of a climate change comment:<\/p>\n<p style=\"padding-left: 30px;\">Risk Factors, page 38<\/p>\n<ol>\n<li>To the extent that you believe investors in these asset-backed securities may be impacted by climate related events, including, but not limited to, existing or pending legislation or regulation that relates to climate change, please consider revising your disclosure to describe these risks. See the Commission\u2019s Guidance Regarding Disclosure Related to Climate Change, Interpretive Release No. 33-9106 (February 8, 2010).<\/li>\n<\/ol>\n<p>The Interpretive Release mentioned in this comment, also known as FR 82, <a href=\"https:\/\/www.sec.gov\/rules\/interp\/2010\/33-9106.pdf\">can be found here<\/a>.<\/p>\n<p>The company responded to this comment with modified risk factor disclosure.\u00a0 You can find the modified risk factor and an example of a risk factor summary in the <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001259380\/000119312521349093\/d233831dsf3a.htm#tx233831_9\">registration statement<\/a>.<\/p>\n<p>As always, your thoughts and comments are welcome.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Climate change has been a major and well publicized part of the SEC\u2019s agenda in the last year.\u00a0 As you can read on the climate change section of the SEC\u2019s webpage, CorpFin focused on climate change in the review process, the Enforcement Division formed a climate change task force, and the Commission issued an Invitation &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/a-climate-change-related-sec-comment\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">A Climate Change Related SEC Comment<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[143,242],"tags":[],"coauthors":[154],"class_list":["post-2128","post","type-post","status-publish","format-standard","hentry","category-hot-topic","category-reporting"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2128"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2128\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2128"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}