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SEC issues final rule on resource extraction disclosures

  • SEC (US Securities and Exchange Commission) Image

Jun 28, 2016

The SEC has issued a final rule, “Disclosure of Payments by Resource Extraction Issuers.”

The final rule, which implements Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires “resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals.” The rule is designed to improve transparency, thereby helping to “combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources.”

The final rule will become effective 60 days after the date of its publication in the Federal Register and must be complied with for fiscal years ending on or after September 30, 2018.

For more information, see Deloitte's related journal entry as well as the press release and final rule on the SEC’s Web site.

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