United States SEC proposes rules for 'resource extraction issuers' under the Dodd-Frank Act

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17 Dec 2010

Further to our story of 16 July 2010, the United States Securities and Exchange Commission (SEC) has issued proposed rules mandated by the Dodd-Frank Act to require 'resource extraction issuers' to disclose payments made to the U.S. or foreign governments.

Prescribed mining and oil gas companies would be required to disclose payments that are made to further the commercial development of oil, natural gas, or minerals, such as taxes, royalties, fees, production entitlements and bonuses. These types of payments generally are consistent with the 'Publish What You Pay' coalition (PWYP) proposals included in IASB Discussion Paper DP/2010/1 Extractive Activities.

Comments on the proposed rules close on 31 January 2011. Click for press release (link to SEC website). More information on the Dodd-Frank Act reforms can be found in the Heads Up Newsletter The Final Act – Financial Reporting Implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PDF 173k).

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