On December 11, 2015, the US Securities and Exchange Commission (“SEC”) issued a proposed rule to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Section 1504 of the Dodd-Frank Act calls on the SEC to make rules requiring resource extraction issuers to disclose payments they make to governments for the commercial development of oil, natural gas or minerals. In response to a 2013 US federal court ruling vacating the SEC’s original rulemaking attempt, the new proposed rule would require resource extraction issuers to publicly file their project-level government payments disclosure annually on Form SD.

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