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UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
United States | Publication | May 2022
In a watershed opinion, a divided panel of the Fifth Circuit has ruled that the United States Securities and Exchange Commission's (SEC) system of in-house administrative tribunals is unconstitutional. The case, Jarkesy v. SEC, No. 20-61007 (5th Cir. May 18, 2022), holds that (1) defendants facing securities fraud charges have the constitutional right to a jury trial under the Seventh Amendment, (2) the Exchange Act's grant of complete discretion to the SEC to decide whether to bring charges in an administrative tribunal or in federal court violates the non-delegation doctrine and (3) the SEC's administrative law judges are unconstitutionally insulated from removal in violation of the Take Care Clause. This decision follows on the heels of several Supreme Court decisions casting doubt on the constitutionality of agency administrative proceedings, Lucia v. SEC, 138 S. Ct. 2044 (2018), and the need for targets of agency enforcement to submit to those proceedings before raising constitutional challenges in the federal courts, Cochran v. SEC, 20 F.4th 194 (5th Cir. 2021) (en banc) cert. granted, --- S. Ct. ----, 2022 WL 1528373 (May 16, 2022); Axon Enter. v. FTC, 986 F.3d 1173 (9th Cir. 2021), cert. granted in part, 142 S. Ct. 895 (2022).
These developments merit close attention among public companies and those in the financial sector. Key takeaways include:
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
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Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
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International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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