On June 27, 2016, the Securities and Exchange Commission announced that it adopted rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals. The rules are intended to promote greater transparency regarding payments related to resource extraction. Release. Final Rule.
Resource Extraction Issuers
Rules Requiring Payment Disclosures by Resource Extraction Issuers
The SEC recently adopted rules to implement Section 13(q) of the Securities Exchange Act of 1934, as amended, requiring resource extraction issuers to disclose certain payments made to the U.S. government or foreign governments (the “Section 13(q) Rules”). The Section 13(q) Rules, which are mandated by the Dodd-Frank Act, target resource extraction issuers, or companies engaged in the development of oil, natural gas, or minerals. Click here to read more.