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ARTICLE · 20 SEPTEMBER 2024

Reminder: Form SD (Resource Extraction) Is Now Due

Carter Ledyard & Milburn LLP
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As we previously discussed, the Securities and Exchange Commission (the "SEC") has enacted a final rule requiring public issuers involved in oil, natural gas...

GlobalCorporate/Commercial Law
Guy Ben-Ami
Guy Ben-Ami
Steven Glusband
Steven Glusband
Guy Lander
Guy Lander

As we previously discussed, the Securities and Exchange Commission (the "SEC") has enacted a final rule requiring public issuers involved in oil, natural gas, or mineral extraction to report specific payments made to foreign governments or the U.S. federal government.

Both domestic and foreign private issuers ("FPIs") engaged in resource extraction must comply with this rule.

The Rule

On March 16, 2021, Rule 13q-1 under the Securities Exchange Act of 1934, as amended (Exchange Act), took effect. This rule requires resource extraction issuers to disclose on Form SD information relating to payments made to a foreign government or the U.S. federal government for the purpose of the commercial development of oil, natural gas, or minerals.

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