SEC Proposes New Mining Disclosure Rules

The Securities and Exchange Commission (SEC) this month unveiled proposed rules intended to modernize the disclosure requirements for SEC-registered companies engaged in mining activities. If implemented, the proposed rules would align the SEC's disclosure regime with current industry and global regulatory practices, including Canada's National Instrument 43-101.

The SEC's Industry Guide 7, long considered to be outdated, has become an outlier in a global industry. In addition to harmonizing the U.S. disclosure requirements with the CRIRSCO-based mining codes, the proposed rules would also codify mining disclosure requirements in SEC rules and provide greater clarity to market participants who have criticized the SEC's inconsistent polices.