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SEC Proposes Rules for Resource Extraction Issuers Under Dodd-Frank Act

  • SEC (US Securities and Exchange Commission) Image

Dec 11, 2015

On December 11, 2015, the Securities and Exchange Commission (SEC) voted to propose rules that would require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals.

The proposed rule on resource extraction disclosures is being released in response to a mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Such disclosures would be required if (1) a domestic or foreign issuer must file annual reports with the SEC in accordance with the Securities Exchange Act or (2) the payments are made by entities or subsidiaries that the issuer controls. Comments on this proposed rule are due by January 25, 2016.

For more information, see the press release on the SEC’s Web site.

See also:

Dissenting Statement at Open Meeting on Resource Extraction by Commissioner Michael S. Piwowar

Remarks by Commissioner Luis A. Aguilar: Enhancing the Transparency of Resource Extraction Revenue Payments

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