Dodd-Frank

In July 2010, the U.S. Congress passed Section 1504 of the Dodd-Frank Act, a measure requiring companies registered with the Securities and Exchange Commission (SEC) to publicly report how much they pay governments for access to oil, gas and minerals. Revenue Watch and a wide range of development, anti-corruption and anti-poverty organizations worked hard to support the passage of this landmark requirement. It is a powerful tool that allows investors to properly assess risk and citizens to see the value placed on their natural resources.

Building on the reporting standard established by the U.S. law, several countries have declared interest in establishing similar requirements, including the United Kingdom, Norway and South Korea. In October 2011, the European Commission adopted legislative proposals that build on the U.S. precedent by requiring publicly traded and private EU companies to disclose payments to governments made in exchange for oil, gas, mineral and forest resources. In the U.S., the SEC released final regulations implementing Section 1504's requirements on August 22, 2012.

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