New Law Reverses SEC Payment Disclosure Rule
On February 14, President Trump signed into legislation a bill that nullifies Release No. 34-78167, Disclosure of Payments by Resource Extraction Issuers. Issued by the Securities and Exchange Commission (“SEC”) last June, the provision was part of the Dodd-Frank Act and called for public oil, gas and mining companies to report payments distributed to domestic and foreign governments as part of their business actions. The rule was meant to provide investors transparency about payments publicly listed companies make to governments concerning mining and oil and gas production, but companies complained that the regulation was burdensome. The White House said the. Read More.
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.