SEC Chair Uyeda began the process to permanently end the Climate-Related Disclosure Rule for large businesses.

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

By Isla Binnie, Virginia Furness and Jonathan Stempel NEW YORK/LONDON (Reuters) -The acting chair of the U.S. Securities and Exchange Commission on Tuesday signaled the regulator may roll back a controversial rule requiring thousands of public companies to disclose the threats their businesses pose to the climate and environment.

Securities and Exchange Commission acting Chair Mark Uyeda does not support the agency’s public company climate disclosure rule and has asked staff to notify the federal court assigned to hear a consolidated legal challenge against the rule to delay scheduling the case for arguments.

The acting chairman of the US Securities and Exchange Commission (SEC) is asking a federal court to pause litigation against its climate disclosure rule, saying the agency does not have authority to enforce the regulation and that changes in federal administration render the rule effectively moot.

The acting chair of the, Mark Uyeda, took the first step Tuesday to rolling back a rule that would require thousands of publicly traded companies to provide investors with detailed information about the impact of their businesses on climate and the environment.

An announcement by acting Chairman Mark Uyeda follows a move to relax reporting requirements, continuing a broad deregulatory push in the new administration.

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