The Securities and Exchange Commission recently adopted rules requiring companies to disclose the financial effect of compliance with federal, state, and local environmental protection laws. The rules, which become effective July 3, 1973, also require disclosure of information regarding environmental litigation in which the companies are involved. Adopted pursuant to the Securities Act of 1933, the Securities Exchange Act of 1934 and the National Environmental Policy Act of 1969, the rules are expected to promote the purposes of NEPA.

The forms affected include those filed when a company registers securities, the annual reports of such companies, and forms for reporting the occurrence of specific events that the SEC deems material to the economic interests of stockholders. (On materiality, see infra.) The latter forms must be filed within one month after the occurrence of one of the enumerated events, including "material" litigation.