On June 16, 2016, the Securities and Exchange Commission (“SEC”) announced that it had proposed rules to update the disclosure requirements for mining properties. The proposed revisions are meant to align disclosure requirements with “current industry and global regulatory practices and standards.” The proposed rules would, among other updates, revise Regulation S-K to include in a new subpart the SEC’s mining property disclosure requirements. The proposed rules would also rescind Industry Guide 7. Release.
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Dodd-Frank Act: Proposed Rules to Implement Sections 1502-1504 Relating to Conflict Minerals, Mine Safety and Payments by Resource Extraction Issuers
Among the other notable changes to the U.S. financial regulatory system, the Dodd-Frank Act included three sections of particular importance to petroleum and mining companies registered under the Securities Exchange Act of 1934. These sections deal with “conflict minerals” from the Democratic Republic of the Congo and adjoining countries, the reporting of mine safety matters, and the disclosure of payments to domestic and foreign governments by resource extraction issuers. Click here to read more.