Jane Edwards
The Professional Services Council and 33 other organizations submitted to the Securities and Exchange Commission their feedback on proposed rules on cybersecurity incident disclosures and risk management.
PSC said Friday it also relayed comments on SEC’s proposed regulations on climate-related disclosures.
For the cybersecurity aspect, PSC and other organizations called on SEC and other agencies to prioritize efforts to streamline reporting regulations. They said the rulemaking should not override laws and regulations with regard to cybersecurity and protected disclosures and that the commission should address issues related to micromanagement of corporate entities’ cybersecurity initiatives in the proposed rules.
When it comes to climate-related disclosures, the council urged the commission to use existing reporting requirements and launch efforts to “limit climate-related disclosure requirements to information that is material to investors’ decisions.”
“Both sets of proposed rules would benefit from more time for industry input,” said Stephanie Kostro, executive vice president for policy at PSC.
“We value the SEC’s goals to address significant issues and inform potential investors through improved information sharing between the government and private sector, but requirements should leverage existing reporting mechanisms and be material to investors’ decision-making,” Kostro added.
