SIFMA Statement on SEC ESG Climate Disclosure Proposal

Washington, D.C., March 21, 2022– SIFMA released the following statement from president and CEO Kenneth E. Bentsen, Jr., on the Securities and Exchange Commission (SEC) proposal released today that is aimed at enhancing and standardizing climate-related disclosures for investors:

“We are reviewing the voluminous proposal now and look forward to providing comments, though we have initial concerns around the Scope 3 and limited safe harbor provisions as well as the hastened implementation timelines. We are supportive of material principles-based climate disclosures that deliver a balance of tailored disclosures and comparable quantitative information across registrants, while minimizing registrant compliance costs and ensuring a flexible disclosure regime that can meet evolving circumstances. SIFMA is committed to working with the SEC on disclosure of consistent, comparable, and accurate information that is useful to investors making investment decisions.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.

SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).