The SEC proposed rules requiring that resource extraction issuers "disclose payments made to foreign governments or the U.S. federal government for the commercial development of oil, natural gas, or minerals."
A prior version of the rule was disapproved by a joint resolution of Congress (see previous coverage here). Under the Dodd-Frank Act, the SEC is statutorily obligated to issue a rule in this area.
According to the SEC, the proposal would require domestic or foreign resource extraction issuers to:
- annually file a Form SD;
- disclose payments made by a domestic or foreign issuer, or a subsidiary or entity controlled by the issuer; and
- publicly disclose company-specific, project-level payment information.
Comments must be submitted within 60 days of publication of the proposal in the Federal Register.
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