SEC Denies Motion to Stay New Resource Extraction Payment Disclosure Rules

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On October 10, 2012, the American Petroleum Institute and other plaintiffs filed a complaint and petition for review in the Circuit Court and Court of Appeals for the D.C. Circuit relating to new rules promulgated by the SEC under Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Act. The challenged rules require disclosure of certain payments made by any resource extraction issuer to foreign governments and the federal government “for the purpose of the commercial development of oil, natural gas, or minerals.” The plaintiffs later filed a motion requesting that the SEC stay the effective date of the new rules pending resolution of the claims by the courts.