SEC Rules For Resource Extraction Issuer Disclosure Eliminated

On February 14, 2017, President Trump signed a joint resolution of Congress eliminating the new regime recently introduced by the Securities and Exchange Commission (SEC) setting out the rules for payments made to a government by domestic and foreign issuers that engage in the commercial development of oil, natural gas and mining.

Under the eliminated rules, issuers required to file annual reports with the SEC would have been required to disclose payments made to the U.S. federal government or a foreign government to further the commercial development of oil, natural gas or minerals. The issuers would also have been required to disclose payments made by a subsidiary or entity controlled by the issuer.