,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bjge  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #aj1 #bjai,ms4   
,w>r5 7= h]self1 ,mr4 ,s*atz1 ,mr4      
,:iteh\se1 ,mr4 ,van ,holl51 ,ms4       
,klobu*>1 ,mrs4 ,gillibr&1 ,mr4 ,b5net1 
,mr4 ,blum5?al1 ,mr4 ,book]1 ,mr4       
,m>key1 ,mr4 ,m]kley1 ,ms4 ,h>ris1 ,ms4 
,smi?1 ,mrs4 ,fe9/e91 ,mr4 ,s*um]1 &    
,mr4 ,c>p]7 introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs  ,a 
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require issu]s to       
disclose c]ta9 activities relat+ to     
climate *ange1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,climate ,risk ,disclosure ,act ( #bjai4
  #b4 ,def9itions ,9 ?is ,act--  7#a7 ! 
t]ms appropriate climate pr9cipals1     
climate *ange1 cov]$ issu]1 physical    
risks1 & transition risks h ! mean+s    
giv5 ^? t]ms 9 subsection 7s7 ( section 
#ac ( ! ,securities ,ex*ange ,act (     
#aicd 7#ae ,u4,s4,c4 #ghm71 z add$ by   

section #e2  7#b7 ! t]m appropriate     
congressional committees means-- 7,a7 ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate2 &  7,b7 !          
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives2  7#c7 ! t]m    
basel9e sc5>io means a widely recogniz$ 
analysis sc5>io 9 :i* levels ( gre5h\se 
gas emissions1 z ( ! date on :i* !      
analysis is p]=m$1 cont9ue to gr[1      
result+ 9--  7,a7 an increase 9 ! global
 av]age temp]ature ( #a4e degrees       
,celsius or m above pre-indu/rial       
levels2 &  7,b7 ! realization ( physical
 risks relat+ to global climate *ange2  
7#d7 ! t]m c>bon dioxide equival5t means
 ! numb] ( metric tons ( c>bon dioxide  
emissions ) ! same global w>m+ pot5tial 
z #a metric ton ( ano!r gre5h\se gas1 z 
det]m9$ "u table ,a-#a ( subp>t ,a ( "p 
#ih ( title #dj1 ,code ( ,f$]al         
,regulations1 z 9 effect on ! date (    
enactm5t ( ?is ,act2  7#e7 ! t]m        
comm]cial developm5t ( fossil fuels     
includes-- 7,a7 exploration1 extraction1

 process+1 export+1 transport+1 & any   
o!r significant action ) respect to oil1
 natural gas1 coal1 or any byproduct    
!re(2 &  7,b7 acquir+ a lic5se = any    
activity describ$ 9 subp>agraph 7,a72   
7#f7 ! t]m ,commission means !          
,securities & ,ex*ange ,commission2     
7#g7 ! t]m direct & indirect gre5h\se   
gas emissions includes1 ) respect to a  
cov]$ issu]-- 7,a7 all direct gre5h\se  
gas emissions releas$ by ! cov]$ issu]2 
7,b7 all indirect gre5h\se gas emissions
 ) respect to electricity1 heat1 or /eam
 pur*as$ by ! cov]$ issu]2  7,c7        
significant indirect emissions1 o!r ?an 
! emissions describ$ 9 subp>agraph 7,b71
 t occur 9 ! value *a9 ( ! cov]$ issu]2 
&  7,d7 all indirect gre5h\se gas       
emissions t are attributable to assets  
own$ or manag$1 includ+ assets t are    
p>tially own$ or manag$1 by ! cov]$     
issu]2  7#h7 ! t]m fossil fuel res]ves  
means all produc+ assets1 prov$ res]ves1
 unprov$ res\rces1 & any o!r own]%ip    
/ake 9 s\rces ( fossil fuels2  7#i7 !   

t]m gre5h\se gas-- 7,a7 means c>bon     
dioxide1 hydrofluoroc>bons1 me?ane1     
nitr\s oxide1 p]fluoroc>bons1 sulfur    
hexafluoride1 nitrog5 trifl\ride1 &     
*lor(luoroc>bons2 &  7,b7 includes any  
o!r an?ropog5ically emitt$ gas or       
p>ticulate t ! ,adm9i/rator ( !         
,environm5tal ,protection ,ag5cy        
det]m9es1 aft] notice & comm5t1 to      
contribute to climate *ange2  7#aj7 !   
t]m gre5h\se gas emissions means !      
emissions ( gre5h\se gas1 express$ 9    
t]ms ( metric tons ( c>bon dioxide      
equival5t2  7#aa7 ! t]m social co/ (    
c>bon means ! monetiz$ pres5t value1    
disc\nt$ at a #c p]c5t or l[] disc\nt   
rate1 9 doll>s1 p] metric ton ( c>bon   
dioxide 7or c>bon dioxide equival5t71 ( 
! net global co/s ov] #cjj ye>s caus$ by
 ! emission ( c>bon dioxide 7or c>bon   
dioxide equival5t1 z applicable7 t      
result f--  7,a7 *anges 9 net           
agricultural productivity2  7,b7        
decreases 9 capital & labor             
productivity2  7,c7 effects on human    

heal?2  7,d7 prop]ty damage f increas$  
sea-level rise1 flood+1 wildfires1 &    
frequ5cy & sev]ity ( extreme wea!r      
ev5ts2  7,e7 ! value ( ecosy/em s]vices2
 &  7,f7 any o!r type ( economic1       
social1 political1 or natural           
disruption2  7#ab7 ! t]m value *a9--    
7,a7 means ! total lifecycle ( a product
 or s]vice1 bo? be=e & aft] production (
 ! product or s]vice1 z applicable2 &   
7,b7 may include ! s\rc+ ( mat]ials1    
production1 & disposal ) respect to !   
product or s]vice describ$ 9 subp>agraph
 7,a72  7#ac7 ! t]m well bel[ #a4e      
degrees sc5>io means a widely recogniz$1
 publicly available analysis sc5>io 9   
:i* human int]v5tions to combat global  
climate *ange are likely to prev5t !    
global av]age temp]ature f rea*+ #a4e   
degrees ,celsius above pre-indu/rial    
levels2 &  7#ad7 ! t]m #a4e degree      
sc5>io means a widely recogniz$1        
publicly available analysis sc5>io 9 :i*
 human int]v5tions to combat global     
climate *ange are likely to prev5t !    

global av]age temp]ature f rea*+ #a4e   
degrees ,celsius above pre-indu/rial    
levels4  #c4 ,s5se ( ,congress ,x is !  
s5se ( ,congress t-- 7#a7 climate *ange 
poses a significant & increas+ ?reat to 
! gr[? & /ability ( ! economy ( ! ,unit$
 ,/ates2  7#b7 _m sectors ( ! economy ( 
! ,unit$ ,/ates & _m bus9esses 9 !      
,unit$ ,/ates are expos$ to multiple    
*annels ( climate-relat$ risk1 :i* may  
include exposure to--  7,a7 ! physical  
impacts ( climate *ange1 includ+ ! rise 
( ! av]age global temp]ature1 accel]at+ 
sea-level rise1 des]tification1 ocean   
acidification1 int5sification ( /orms1  
increase 9 heavy precipitation1 m       
frequ5t & int5se temp]ature extremes1 m 
sev]e dr\ghts1 & long] wildfire seasons2
  7,b7 ! economic disruptions & security
 ?reats t result f ! physical impacts   
describ$ 9 subp>agraph 7,a71 includ+    
conflicts ov] sc>ce res\rces1 conditions
 conducive to viol5t extremism1 ! spread
 ( infecti\s diseases1 & =c$ migration2 
&  7,c7 ! transition impacts t result z 

! global economy transitions to a clean 
& r5ewable en]gy1 l[-emissions economy1 
includ+ f9ancial impacts z fossil fuel  
assets risk becom+ /r&$ & x becomes     
uneconomic = companies to develop fossil
 fuel assets z policymak]s act to limit 
! wor/ impacts ( climate *ange by keep+ 
! rise 9 av]age global temp]ature to    
#a4e degrees ,celsius above             
pre-indu/rial levels2  7#c7 assess+ !   
pot5tial impact ( climate-relat$ risks  
on national & int]national f9ancial     
sy/ems is an urg5t conc]n2  7#d7        
companies h a duty to disclose f9ancial 
risks t climate *ange pres5ts to _!     
inve/ors1 l5d]s1 & insur]s2  7#e7 !     
,commission has a duty to promote a     
risk-in=m$ securities m>ket t is wor?y (
 ! tru/ ( ! public z families inve/ = _!
 futures2  7#f7 inve/ors1 l5d]s1 &      
insur]s are increas+ly dem&+ climate    
risk in=mation t is consi/5t1 comp>able1
 reliable1 & cle>2  7#g7 includ+        
/&>diz$1 mat]ial climate *ange risk &   
opportunity disclosure t is useful =    

decision mak]s 9 annual reports to !    
,commission w increase transp>5cy )     
respect to risk accumulation & exposure 
9 f9ancial m>kets2  7#h7 requir+        
companies to disclose climate-relat$    
risk exposure & risk managem5t /rategies
 w enc\rage a smoo!r transition to a    
clean & r5ewable en]gy1 l[-emissions    
economy & guide capital allocation to   
mitigate1 & adapt to1 ! effects (       
climate *ange & limit damages associat$ 
) climate-relat$ ev5ts & disa/]s2 &     
7#i7 a critical compon5t 9 fight+       
climate *ange is a transp>5t acc\nt+ ( !
 risks t climate *ange pres5ts & !      
implications ( cont9u$ inaction )       
respect to climate *ange4  #d4 ,f9d+s   
,congress f9ds t-- 7#a7 %ort-1 m$ium-1 &
 long-t]m f9ancial & economic risks &   
opportunities relat+ to climate *ange1 &
 ! national & global r$uction ( gre5h\se
 gas emissions1 con/itute in=mation t   
issu]s--  7,a7 may reasonably expect to 
affect %>ehold] decision mak+2 &  7,b7  
%\ld regul>ly id5tify1 evaluate1 &      

disclose2 &  7#b7 ! disclosure (        
in=mation describ$ 9 p>agraph 7#a7      
%\ld-- 7,a7 id5tify1 & evaluate--  7i7  
mat]ial physical & transition risks pos$
 by climate *ange2 &  7ii7 ! pot5tial   
f9ancial impact ( risks describ$ 9      
clause 7i72  7,b7 detail any            
implications t ! risks describ$ 9       
subp>agraph 7,a77i7 h on corporate      
/rategy2  7,c7 detail any bo>d-level    
ov]sight ( mat]ial climate-relat$ risks 
& opportunities2  7,d7 all[ = intra- &  
cross-indu/ry comp>ison1 to ! ext5t     
practicable1 ( climate-relat$ risk      
exposure ?r\gh ! inclusion ( /&>diz$    
indu/ry-specific & sector-specific      
disclosure metrics1 z id5tifi$ by !     
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7,e7    
all[ = track+ ( p]=mance ov] "t )       
respect to mitigat+ climate risk        
exposure2 &  7,f7 incorporate a price on
 gre5h\se gas emissions 9 f9ancial      
analyses t reflects1 at m9imum1 ! social
 co/ ( c>bon t is attributable to       

issu]s4  #e4 ,disclosures relat+ to     
climate *ange  7a7 ,9 g5]al ,section #ac
 ( ! ,securities ,ex*ange ,act ( #aicd  
7#ae ,u4,s4,c4 #ghm7 is am5d$ by add+ at
 ! end ! foll[+3  7s7 ,disclosures      
relat+ to climate *ange  7#a7           
,def9itions ,9 ?is subsection-- 7,a7 !  
t]m appropriate climate pr9cipals       
means--  7i7 ! ,adm9i/rator ( !         
,environm5tal ,protection ,ag5cy2  7ii7 
! ,secret>y ( ,en]gy2  7iii7 !          
,adm9i/rator ( ! ,national ,oceanic &   
,atmosph]ic ,adm9i/ration2  7iv7 !      
,director ( ! ,(fice ( ,managem5t &     
,budget2 &  7v7 ! head ( any o!r ,f$]al 
ag5cy det]m9$ appropriate by !          
,commission2  7,b7 ! t]m climate *ange  
means a *ange ( climate t is--  7i7     
attribut$ directly or indirectly to     
human activity t alt]s ! composition ( !
 global atmosph]e2 &  7ii7 9 addition to
 natural climate v>iability obs]v$ ov]  
comp>able "t p]iods2  7,c7 ! t]m cov]$  
issu] means an issu] t is requir$ to    
file an annual report "u subsection 7a7 

or section #ae7;d72  7,d7 ! t]m physical
 risks means f9ancial risks to long-liv$
 fix$ assets1 locations1 op]ations1 or  
value *a9s t result f exposure to       
physical climate-relat$ effects1        
includ+--  7i7 increas$ av]age global   
temp]atures & increas$ frequ5cy (       
temp]ature extremes2  7ii7 increas$     
sev]ity & frequ5cy ( extreme wea!r      
ev5ts2  7iii7 increas$ flood+2  7iv7    
sea-level rise2  7v7 ocean              
acidification2  7vi7 increas$ frequ5cy (
 wildfires2  7vii7 decreas$ arability ( 
f>ml&2  7viii7 decreas$ availability (  
fre% wat]2 &  7ix7 any o!r f9ancial     
risks to long-liv$ fix$ assets1         
locations1 op]ations1 or value *a9s     
det]m9$ appropriate by ! ,commission1 9 
consultation ) appropriate climate      
pr9cipals2  7,e7 ! t]m transition risks 
means f9ancial risks t are attributable 
to climate *ange mitigation &           
adaptation1 includ+ ef=ts to r$uce      
gre5h\se gas emissions & /r5g!n         
resili5ce to ! impacts ( climate *ange1 

includ+--  7i7 co/s relat+ to-- 7,i7    
int]national treaties & agreem5ts2      
7,,ii7 ,f$]al1 ,/ate1 & local policy2   
7,,iii7 new te*nologies2  7,,iv7 *ang+  
m>kets2  7,v7 reputational impacts      
relevant to *ang+ consum] behavior2 &   
7,,vi7 litigation2 &  7ii7 assets t may 
lose value or become /r&$ due to any ( !
 co/s describ$ 9 subclauses 7,i7 ?r\gh  
7,,vi7 ( clause 7i72  7#b7 ,disclosure  
,ea* cov]$ issu]1 9 any annual report   
fil$ by ! cov]$ issu] "u subsection 7a7 
or section #ae7;d71 %all1 9 accordance )
 any rules issu$ by ! ,commission       
pursuant to ! ,climate ,risk ,disclosure
 ,act ( #bjai1 include 9 ea* su* report 
in=mation reg>d+--  7,a7 ! id5tification
 (1 ! evaluation ( pot5tial f9ancial    
impacts (1 & any risk managem5t         
/rategies relat+ to--  7i7 physical     
risks pos$ to ! cov]$ issu] by climate  
*ange2 &  7ii7 transition risks pos$ to 
! cov]$ issu] by climate *ange2  7,b7 a 
description ( any e/abli%$ corporate    
gov]nance processes & /ructures to      

id5tify1 assess1 & manage climate-relat$
 risks2  7,c7 a description ( specific  
actions t ! cov]$ issu] is tak+ to      
mitigate id5tifi$ risks2  7,d7 a        
description ( ! resili5ce ( ! /rategy ( 
! cov]$ issu] = address+ climate risks1 
tak+ into acc\nt diff]5t climate        
sc5>ios2 &  7,e7 a description ( h[     
climate risk is incorporat$ into !      
ov]all risk managem5t /rategy ( ! cov]$ 
issu]4  7#c7 ,rule ( con/ruction ,no?+ 9
 p>agraph 7#b7 may be con/ru$ z preclud+
 a cov]$ issu] f includ+1 9 an annual   
report submitt$ "u subsection 7a7 or    
section #ae7;d71 any in=mation n        
explicitly ref]5c$ 9 t p>agraph4  4  #f4
 ,rulemak+  7a7 ,climate ,risk          
,disclosure ,rules ,n lat] ?an #b ye>s  
aft] ! date ( enactm5t ( ?is ,act1 !    
,commission1 9 consultation ) !         
appropriate climate pr9cipals1 %all     
issue rules ) respect to ! in=mation t a
 cov]$ issu] is requir$ to disclose     
pursuant to subsection 7s7 ( section #ac
 ( ! ,securities ,ex*ange ,act ( #aicd  

7#ae ,u4,s4,c4 #ghm71 z add$ by section 
#e1 :i* %all--  7#a7 e/abli%1 9         
consultation ) ! appropriate climate    
pr9cipals1 climate-relat$ risk          
disclosure guidance1 :i* %all--  7,a7   
be1 to ! ext5t practicable1 specializ$ =
 indu/ries )9 specific sectors ( !      
economy1 :i* %all include--  7i7 !      
sectors ( f9ance1 insurance1            
transportation1 electric p[]1 m9+1 &    
non-r5ewable en]gy2 &  7ii7 any o!r     
sector det]m9$ appropriate by !         
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7,b7    
include report+ /&>ds = e/imat+ &       
disclos+ direct & indirect gre5h\se gas 
emissions by a cov]$ issu]1 & any       
affiliates ( ! cov]$ issu]1 :i* %all--  
7i7 sep>ate1 to ! ext5t practicable1 !  
total emissions ( ea* specifi$ gre5h\se 
gas by ! cov]$ issu]2 &  7ii7 include   
gre5h\se gas emissions by ! cov]$ issu] 
dur+ ! p]iod cov]$ by ! disclosure2     
7,c7 include report+ /&>ds = disclos+1 )
 respect to a cov]$ issu]--  7i7 ! total

 am\nt ( fossil fuel-relat$ assets own$ 
or manag$ by ! cov]$ issu]2 &  7ii7 !   
p]c5tage ( fossil fuel-relat$ assets z a
 p]c5tage ( total assets own$ or manag$ 
by ! cov]$ issu]2  7,d7 e/abli% a m9imum
 social co/ ( c>bon1 :i*-- 7i7 %all be  
consid]$ a m9imum price ) respect to    
co/s associat$ ) c>bon emissions2  7ii7 
a cov]$ issu] %all use 9 prep>+         
climate-relat$ disclosure /atem5ts2 &   
7iii7 ! ,commission %all make publicly  
available1 includ+ all assumptions &    
me?ods us$ 9 ! calculations2  7,e7 n    
preclude a cov]$ issu] f us+ & disclos+1
 z comp>$ ) ! price e/abli%$ "u         
subp>agraph 7,d71 a high] price (       
gre5h\se gas emissions2  7,f7 specify   
requirem5ts =1 & ! disclosure (1 input  
p>amet]s1 assumptions1 & analytical     
*oices to be us$ 9 climate sc5>io       
analyses requir$ "u p>agraph 7#b77;,a71 
includ+--  7i7 pres5t value disc\nt     
rates2  7ii7 "t frames to consid]1      
includ+ #e-1 #aj-1 & #bj-ye> "t frames2 
&  7iii7 ! m9imum pric+ ( gre5h\se gas  

emissions1 z e/abli%$ "u subp>agraph    
7,d7 & subject to subp>agraph 7,e72 &   
7,g7 include1 aft] consultation ) !     
,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy1 ! ,secret>y (       
,en]gy1 ! ,secret>y ( ! ,int]ior1 !     
,secret>y ( ,agriculture1 ! ,secret>y ( 
,transportation1 ! ,*air ( ! ,c\ncil on 
,environm5tal ,quality1 & ! ,director ( 
! ,(fice ( ,sci5ce & ,te*nology ,policy 
docum5tation /&>ds & guidance ) respect 
to ! in=mation requir$ "u p>agraph      
7#b77;,c72  7#b7 require t a cov]$      
issu]1 ) respect to a disclosure requir$
 "u subsection 7s7 ( section #ac ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm71 z add$ by section #e-- 
7,a7 incorporate into ! disclosure-- 7i7
 quantitative analysis to support any   
qualitative /atem5t made by ! cov]$     
issu]2  7ii7 ! guidance e/abli%$ "u     
p>agraph 7#a72  7iii7 indu/ry-specific  
metrics t comply ) ! requirem5ts "u     
p>agraph 7#a77;,a72  7iv7 specific risk 
managem5t actions t ! cov]$ issu] is    

tak+ to address id5tifi$ risks2  7v7 a  
discussion ( ! %ort-1 m$ium-1 & long-t]m
 resili5ce ( any risk managem5t /rategy1
 & ! evolution ( applicable risk        
metrics1 ( ! cov]$ issu] "u ea* sc5>io  
describ$ 9 p>agraph 7#a77;,b72  7vi7 !  
total co/ ( c>bon attributable to !     
direct & indirect gre5h\se gas emissions
 ( ! cov]$ issu]1 us+1 at m9imum1 !     
social co/ ( c>bon2 &  7vii7 any o!r    
in=mation1 or use any climate-relat$ or 
gre5h\se gas emissions metric1 t !      
,commission1 9 consultation ) !         
appropriate climate pr9cipals1 det]m9es 
is--  7viii7 necess>y2  7ix7 appropriate
 to safegu>d ! public int]e/2 or  7x7   
direct$ at ensur+ t inve/ors are in=m$ 9
 accordance ) ! f9d+s describ$ 9 section
 #d2  7,b7 consid]1 :5 prep>+ any       
qualitative or quantitative risk        
analysis /atem5t conta9$ 9 !            
disclosure--  7i7 a basel9e sc5>io t    
includes physical impacts ( climate     
*ange2  7ii7 a well bel[ #a4e degrees   
sc5>io2 &  7iii7 any additional climate 

analysis sc5>io consid]$ appropriate by 
! ,commission1 9 consultation ) !       
appropriate climate pr9cipals2 &  7,c7  
if ! cov]$ issu] engages 9 ! comm]cial  
developm5t ( fossil fuels1 include 9 !  
disclosure--  7i7 an e/imate ( ! total &
 a disaggregat$ am\nt ( direct &        
indirect gre5h\se gas emissions ( !     
cov]$ issu] t are attributable to--     
7,i7 combu/ion2  7,,ii7 fl>$            
hydroc>bons2  7,,iii7 process emissions2
  7,,iv7 directly v5t$ emissions2  7,v7 
fugitive emissions or leaks2 &  7,,vi7  
l& use *anges2  7ii7 a description (--  
7,i7 ! s5sitivity ( fossil fuel res]ves 
levels to future price projection       
sc5>ios t incorporate ! social co/ (    
c>bon into hydroc>bon pric+2  7,,ii7 !  
p]c5tage ( ! res]ves ( ! cov]$ issu] t w
 be develop$ "u ! sc5>ios e/abli%$ 9    
subp>agraph 7,b71 z well z a =eca/ = !  
developm5t prospects ( ea* res]ve "u !  
sc5>ios e/abli%$ 9 subp>agraph 7,b72    
7,,iii7 ! pot5tial am\nt ( direct &     
indirect gre5h\se gas emissions t are   

emb$d$ 9 prov$ & probable hydroc>bon    
res]ves1 ) ea* su* calculation pres5t$ z
 a total & 9 subdivid$ categories by !  
type ( res]ve2  7,,iv7 ! me?odology ( ! 
cov]$ issu] = detect+ & mitigat+        
fugitive me?ane emissions1 :i* %all     
include--  7aa7 ! frequ5cy ) :i*        
applicable assets ( ! cov]$ issu] are   
obs]v$ = me?ane leaks2  7bb7 ! processes
 & te*nology t ! cov]$ issu] uses to    
detect me?ane leaks2  7cc7 ! p]c5tage ( 
assets ( ! cov]$ issu] t ! cov]$ issu]  
inspects "u t me?odology2 &  7dd7       
quantitative & "t-b\nd r$uction goals ( 
! cov]$ issu] ) respect to me?ane leaks2
  7,v7 ! am\nt ( wat] t ! cov]$ issu]   
)draws f fre%wat] s\rces = use &        
consumption 9 op]ations ( ! cov]$ issu]2
 &  7,,vi7 ! p]c5tage ( ! wat] describ$ 
9 subclause 7,v7 t comes f regions (    
wat] /ress or t face wa/ewat] managem5t 
*all5ges2 &  7iii7 any o!r in=mation t !
 ,commission1 9 consultation ) !        
appropriate climate pr9cipals & !       
,adm9i/rator ( ! ,environm5tal          

,protection ,ag5cy1 ! ,secret>y (       
,en]gy1 ! ,secret>y ( ! ,int]ior1 & !   
,secret>y ( ,agriculture det]m9es is--  
7,i7 necess>y2  7,,ii7 appropriate to   
safegu>d ! public int]e/2 or  7,,iii7   
direct$ at ensur+ t inve/ors are in=m$ 9
 accordance ) ! f9d+s describ$ 9 section
 #d2 &  7#c7 e/abli% h[ & :]e ! requir$ 
disclosures %all be address$ 9 ! annual 
f9ancial fil+ ( a cov]$ issu]4  7b7     
,=matt+ ,! ,commission %all-- 7#a7      
require cov]$ issu]s to disclose        
in=mation 9 an int]active data =mat2 &  
7#b7 develop /&>ds = ! =mat describ$ 9  
p>agraph 7#a71 :i* %all include         
electronic tags = in=mation t !         
,commission det]m9es is--  7,a7         
necess>y2  7,b7 appropriate to safegu>d 
! public int]e/2 or  7,c7 direct$ at    
ensur+ t inve/ors are in=m$ 9 accordance
 ) ! f9d+s describ$ 9 section #d4  7c7  
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