SEC Adopts Final Rules For Resource Extraction Issuers Under Dodd-Frank Act

On June 27, 2016, the United States Securities and Exchange Commission (the "SEC") adopted final rules requiring resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals. The final rules were adopted mostly as proposed with only a few changes (as noted herein) since the proposing rule release was issued. The rules are intended to further the statutory objective to advance U.S. policy interests by promoting greater transparency about payments related to resource extraction in order to help combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources.