雪佛龙原则VS主要问题原则:SEC气候信息披露规则制定权的法理之辩  

The Chevron Doctrine vs. the Major Questions Doctrine:The Jurisprudential Debate over the SEC's Climate Disclosure Rulemaking Authority

作　　者：陆晨希 王格致 LU Chenxi;WANG Gezhi(China Foreign Exchange Trade System;The University of Texas at Austin)

机构地区：[1]中国外汇交易中心 [2]美国德克萨斯大学奥斯汀分校

出　　处：《金融市场研究》2025年第1期110-115,共6页Financial Market Research

摘　　要：2024年3月,美国证券交易委员会(SEC)正式出台气候信息披露拟议监管标准,要求上市公司披露气候相关风险的管理、温室气体排放指标及转型计划等内容。由于该标准是美国本土首个大范围使用的气候相关信息披露标准,并可能影响超过5 300家美国上市公司,在公司治理、合规和信息处理等方面增加新的成本,该标准在前期征求意见阶段引发广泛争议,其中法律方面的争议集中在SEC是否有权要求气候信息披露,其实质是“主要问题原则”和“雪佛龙原则”之间的争论。本文主要讨论了这两个原则对SEC气候信息披露监管法理基础的影响。总体来看,目前各国在积极探索气候信息披露标准,建议企业应顺势而为,主动提前了解并遵循相关标准,确保合规,同时为应对气候风险进行长期规划。In March 2024,the U.S. Securities and Exchange Commission(SEC) formally introduced a proposed regulatory standard for climate disclosure that would require public companies to disclose the management of climate-related risks,greenhouse gas emissions targets,and transformation plans.As the standard is the first widely used climate-related disclosure standard in the United States and may affect more than 5 300 U.S. listed companies,adding new costs in terms of corporate governance,compliance,and information processing, the standard has sparked widespread controversy in the pre-consultation phase,with the legal aspect of the controversy centering on whether the SEC has the authority to require climate disclosure.The legal debate centers on whether the SEC has the authority to require climate disclosure,which is essentially a debate between the ''Major Questions Doctrine'' and the ''Chevron Doctrine''.This article focuses on the impact of these two principles on the SEC's jurisprudential basis for climate disclosure regulation.Overall,as countries are actively exploring climate disclosure standards,it is suggested that companies should follow the trend and take the initiative to understand and comply with the relevant standards in advance to ensure compliance.At the same time,they need to make long-term plans to address climate risks.

关 键 词：可持续金融 气候 信息披露 雪佛龙原则 主要问题原则 

分 类 号：D912.28[政治法律—民商法学] D912.6[政治法律—经济法学]