SEC Adopts Rules Requiring Payment Disclosures By Resource Extraction Issuers

The Securities and Exchange Commission (SEC) recently adopted rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring resource extraction issuers to disclose certain payments made to the U.S. government or to non-U.S. governments.

The Dodd-Frank Act directed the SEC to issue these rules requiring certain companies engaged in the commercial development of oil, natural gas, or minerals (resource extraction issuers) to disclose certain payment information annually. In particular, Section 1504 of the Dodd-Frank Act amends the U.S. Securities Exchange Act of 1934 (Exchange Act) by adding a new section, Section 13(q).

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