After nearly a decade of litigation and administrative proceedings, the Securities and Exchange Commission (SEC) seems finally to have established the extent of environmental disclosure required by corporations subject to the federal securities laws.¹ Environmental groups have long urged that a reporting corporation must be required to disclose not only the nature of environmental polluting effects of its activities but also the costs of achieving compliance with the relevant environmental laws. Although these groups ultimately lost in their bid to have the federal courts order the Commission to adopt rules to that effect, the SEC's recent settlement of an enforcement action and issuance of an interpretive release indicate that the legal battle may nonetheless have led to significant reform in the SEC's disclosure rules. The agency now seems clearly committed to requiring that investors be provided with information concerning the impact of corporate activities on the environment through more extensive disclosure.