SEC To Modernize Mining Disclosure Rules

The SEC has announced that it plans to modernize its mining disclosure rules and reduce regulatory conflict for international mining companies by better aligning its disclosure regime with accepted global standards, including Canada's National Instrument 43-101. The SEC is mindful that its anomalous regime may be hurting the U.S. capital markets by discouraging mining companies, particularly junior ones, from raising money in the United States and listing on a U.S. stock exchange.

Citing the CRIRSCO-based codes, and noting that the U.S. regime has not been updated in more than 30 years, the SEC is proposing to rescind Guide 7 and replace it with detailed regulations.¹ The key proposed changes include the following: