The SEC proposed rules requiring that resource
extraction issuers "disclose payments made to foreign
governments or the U.S. federal government for the commercial
development of oil, natural gas, or minerals."
A prior version of the rule was disapproved by a joint
resolution of Congress (see previous coverage here). Under the Dodd-Frank Act, the SEC is
statutorily obligated to issue a rule in this area.
According to the SEC, the proposal would require domestic or
foreign resource extraction issuers to:
- annually file a Form SD;
- disclose payments made by a domestic
or foreign issuer, or a subsidiary or entity controlled by the
issuer; and
- publicly disclose company-specific,
project-level payment information.
