Think Because You Are a Private Company the SEC Is Not Your Problem? Think Again (and review those separation agreements): Wiley

While public companies understand that the SEC regulates certain aspects of their activities, private entities should be aware that an aggressive SEC can investigate and penalize them (and their executives), even if they are not directly involved in issuing securities. This is especially important as companies increase their Environmental, Social, and Governance (ESG) activities, and the SEC prepares to roll out its latest climate disclosure rules, which could implicate information private entities provide public companies for their disclosures.

Source: Think Because You Are a Private Company the SEC Is Not Your Problem? Think Again (and review those separation agreements): Wiley