News & Analysis as of

Oil & Gas Disclosure Requirements

Full* Disclosure: A Middle Road in Fracking Fluid Law

Many oil and gas companies operate within incredibly tight margins and subject to ever-volatile commodity market prices. In such a competitive sector, the ability to innovate with improved extraction and transmission...more

Recent Regulatory Developments and the New US Presidential Administration's Actions Affecting Public Companies

by White & Case LLP on

There have been several recent developments and proposed initiatives related to deregulation impacting US public companies and foreign private issuers ("FPIs"). Below is a brief summary of regulatory changes that have been...more

Repeal of Resource Extraction Disclosure Rule

by Morrison & Foerster LLP on

On February 14, 2017, President Trump approved Congress’ joint resolution to repeal the SEC’s resource extraction disclosure rule. That action effectively brings to a conclusion the SEC’s efforts to implement a resource...more

Resource Extraction Disclosure Requirements are Dumped

by Dorsey & Whitney LLP on

Canadian miners and oil & gas companies should be aware that on February 14, 2017, President Trump approved a joint resolution of Congress that disapproved a recent SEC rule requiring specific disclosure by resource...more

A Long and Winding Road Ends for Resource Extraction Disclosure

by Dorsey & Whitney LLP on

On February 14, 2017, President Trump approved a joint resolution of Congress that disapproves the SEC’s rule requiring specific disclosures by resource extraction issuers, effectively repealing the rule. The rules required...more

The Resource Extraction Disclosure Rules are Dead

by Locke Lord LLP on

On January 31, 2017, Republican lawmakers in the House introduced a resolution (“HJ Resolution 41”), relying on the Congressional Review Act, intended to kill the SEC’s disclosure rules for payments made by resource...more

The Fall of Section 1504: Congress Votes to Repeal the Revenue Transparency Rule

Congress passed a joint resolution this week expressing its disapproval of the revenue transparency rule issued last June by the Securities and Exchange Commission. The rule, issued pursuant to Section 1504 of the Dodd-Frank...more

What’s Next Under the Congressional Review Act?

As we reported, the House and Senate have passed a joint resolution under the Congressional Review Act disapproving the SEC Resource Extraction Rule and that President Trump was expected to sign the legislation that...more

SEC Resource Extraction Rule to be Eliminated Under Congressional Review Act

As we previously noted, the House was set to vote on the disapproval of the SEC Resource Extraction Rule under the Congressional Review Act. The joint resolution passed the House by a vote of 235 in favor and 187 against. ...more

House Votes to Invalidate Extraction Payment Disclosure Rule

by Bracewell LLP on

On February 1, 2017, the U.S. House of Representatives passed House Joint Resolution 41 to annul the Extraction Payment Disclosure Rule. The rule would require oil and gas companies to disclose in annual reports for fiscal...more

Blog: Time to say goodbye to the Dodd-Frank Resource Extraction Disclosure Rules?

by Cooley LLP on

In an opinion piece in the WSJ, House Majority Leader, Kevin McCarthy, said that the House will soon be taking “the ax” to the SEC’s rules on Disclosure of Payments by Resource Extraction Issuers, mandated under Dodd-Frank,...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Investigators Continue to Scrutinize Climate Change Disclosures

Critics Claim “Intimidation” - Earlier this month, on September 14, 2016, feuding parties gathered before the House Committee on Science, Space and Technology to address the legitimacy of subpoenas sent to the New York...more

SEC Rules for Resource Extraction Issuers Could Lead to Increased FCPA Scrutiny, Disclosures

by Holland & Knight LLP on

New rules issued by the U.S. Securities and Exchange Commission (SEC) that require resource extraction issuers to disclose payments made to U.S. and foreign governments for the commercial development of oil, natural gas or...more

Significant Developments in Canadian Energy – For the Month of July 2016

by Dentons on

Conventional - July 26, 2016 – TORC Oil & Gas Ltd. entered into an agreement with Zargon Oil & Gas Ltd. to acquire light oil assets in southeast Saskatchewan. The acquisition includes 1,120 boe per day (roughly 95 per...more

SEC Adopts Payment Disclosure Rules for Companies Engaged in Resource Extraction

by BakerHostetler on

The U.S. Securities and Exchange Commission (the “SEC”) has adopted new rules which require “resource extraction issuers” to disclose annually the type and amount of payments that they (or their subsidiaries or entities under...more

SEC Adopts Payment Disclosure Rules for Resource Extraction Issuers

by K&L Gates LLP on

On June 27, 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 13q-1 under the Securities Exchange Act of 1934 (the “Exchange Act”) and amendments to Form SD (Specialized Disclosure Report) (See SEC...more

CSA Releases Results of Annual Continuous Disclosure Review Program

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Notice), summarizing the results of its members’...more

SEC Adopts New Rules Requiring Disclosure of Resource Extraction Payments

On June 27, 2016, the Securities and Exchange Commission (SEC) adopted new rules requiring certain producers of oil, natural gas and minerals to publicly disclose information regarding payments to the U.S. federal government,...more

Shining a Light on Payments to Governments: SEC Adopts ‘Publish What You Pay’ Rule for Resource Extraction Issuers

by Shearman & Sterling LLP on

On June 27, 2016, the US Securities and Exchange Commission adopted a final rule implementing Section 1504 of the Dodd-Frank Act. The new rule will require resource extraction issuers to disclose payments they make to...more

SEC Adopts Resource Extraction Rules

Responding to a court order, the SEC adopted rules to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals. The rules, mandated by the...more

Insurance Commissioner Calls For Thermal Coal Divestment And Disclosure

by Allen Matkins on

Late last month, California’s Insurance Commissioner announced that he had “asked all insurance companies doing business in California to voluntarily divest from their investments in thermal coal”. Thermal coal, also known...more

SEC Reproposes Rules for Resource Extraction Issuers

by Morgan Lewis on

The Proposed Rules call for enhanced disclosures by companies in the oil, natural gas, and mining industries. On December 11, the Securities and Exchange Commission (SEC or the Commission) reproposed rules (the Proposed...more

"SEC Proposes Rules to Implement Resource Extraction Issuer Disclosure Provisions"

On December 11, 2015, the U.S. Securities and Exchange Commission (SEC) released another set of proposed rules to implement the resource extraction issuer disclosure provisions in Section 1504 of the Dodd-Frank Act. The...more

Blog: SEC Proposes New Resource Extraction Disclosure Rules — Will They Face Another Legal Challenge?

by Cooley LLP on

Last Thursday, the SEC voted (with Commissioner Piwowar in dissent) to propose rules, mandated by Section 1504 of the Dodd-Frank, that would require disclosure on Form SD of certain payments made to the federal and foreign...more

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