Effective as of the end of this month the U.S. Securities and
Exchange Commission's new disclosure requirements relating to
mine safety will take effect. The new rules apply to all
SEC-reporting companies, including Canadian companies with
securities listed on a U.S. stock exchange.
The SEC has also delayed adopting, until sometime later this
year, proposed rules relating to "conflict minerals" and
government payments by resource extraction issuers.
Mine Safety Disclosure
The new mine safety disclosure rules, which were mandated by the
Dodd-Frank Wall Street Reform and Consumer Protection Act,
will take effect on January 27, 2012 and apply to all SEC-reporting
companies that directly or indirectly operate a mine located in the
United States that is subject to the U.S. Federal Mines and
Issuers who are subject to the new rules must disclose, on a
mine-by-mine basis, a variety of information relating to health and
safety violations, orders and citations, assessments, legal actions
and fatalities at or relating to their U.S. mines. This disclosure
must be provided in all annual reports filed with the SEC and, for
U.S. issuers, in all quarterly reports filed with the SEC. U.S.
issuers must also provide timely disclosure with respect to the
receipt of certain orders or written notices relating to mine
health or safety issues.
Conflict Mineral and Resource Extraction Issuer Disclosure
The SEC has delayed implementation of the Dodd- Frank
conflict mineral and resource extraction issuer disclosure rules.
Originally scheduled for implementation in 2011, the rules are now
expected to be adopted sometime between January and June 2012.
Once adopted, these rules will require:
all SEC-reporting issuers to disclose whether they use any
"conflict minerals" (including gold, cassiterite, coltan,
tin, tantalum and tungsten) in their products or any other minerals
or derivatives determined by the U.S. Secretary of State to be
financing conflict in the Democratic Republic of the Congo or
adjoining countries; and
all SEC-reporting issuers engaged in the commercial development
of oil, natural gas or minerals to disclose payments by the issuer,
a subsidiary or other entity controlled by the issuer to a non-U.S.
government or to the U.S. federal government for the purpose of the
commercial development of oil, natural gas or minerals.
The content of this article does not constitute legal advice
and should not be relied on in that way. Specific advice should be
sought about your specific circumstances.
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Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
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