Oxfam Claims SEC Not Moving Fast Enough on Payment Disclosure Rule
Accused of not acting quickly on a disclosure rule for oil and mining companies that make payments to governments as part of their business practices, the Securities and Exchange Commission (“SEC”) is being sued by Oxfam America Inc. Per its complaint filed last week, the international aid group says the agency should have issued a rule over three years ago and are violating the will of Congress, which called for the disclosure provision through the Dodd-Frank Act. Oxfam also stated that it is a shareholder in some of the companies that would be impacted by the SEC’s rule. In 2012,. Read More.
Release No. 34-67717 Update Coming Next Year
Planned for a spring 2015 release, the U.S. Securities and Exchange Commission (“SEC”) will propose modifying Release No. 34-67717, Disclosure of Payments by Resource Extraction Issuers. The original rule, which was rejected last year by the U.S. District Court for the District of Columbia (“the Court”), requires the disclosure of payments oil, gas and mining companies make to governments. Opting not to file an appeal, the SEC is addressing the Court’s complaints over the rule. Among the complaints is the requirement of companies to file reports to the SEC specifying payments of $100,000 or more, which the Court considered “a. Read More.