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SEC Issues Final Rules Requiring Disclosure of Payments by Resource Extraction Issuers

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Jun 27, 2016

On June 27, 2016, the Securities and Exchange Commission (SEC) announced that it has adopted a final rule that requires SEC-reporting resource extraction issuers to disclose payments to the U.S. federal government and foreign governments relating to the commercial development of oil, natural gas or minerals. These annual disclosure requirements are substantially similar to those under Canada’s Extractive Sector Transparency Measures Act (ESTMA) which apply to all issuers listed on a Canadian stock exchange and certain other issuers with connections to Canada.

Resource extraction issuers that are SEC registrants must comply with the new U.S. disclosure requirement beginning with their fiscal year ending on or after September 30, 2018. Canadian companies will be able to satisfy the new U.S. disclosure requirement by filing their Canadian ESTMA report with the SEC but eXtensible Business Reporting Language (XBRL) tagging of the ESTMA report will be required.

Previously, on May 2, 2016, Natural Resources Canada (NRCAN) announced that it has opened the enrollment process for companies who meet the definition of a “Reporting Entity” under the Extractive Sector Transparency Measures Act (ESTMA).  Refer to this news item for more details.

For details of the SEC’s final rule, refer to the version on the SEC’s website.

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