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.

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 face from risks related to the climate and 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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