NEW YORK, December 15, 2010—In releasing draft rules for enforcing transparency provisions mandated by U.S. financial reforms, the Securities and Exchange Commission (SEC) today outlined important initial steps for oil, gas and mining companies to make public the payments made to the U.S. or foreign governments, the Revenue Watch Institute said.
"The commission has important work ahead to define the full scope of the activities covered by the rules, the payments that are covered and how they will be reported," said Karin Lissakers, director of Revenue Watch.
The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the SEC a deadline of April 15, 2011 for finalizing the rules for resource extraction transparency. The law requires public disclosure of payments to governments for the development of oil, natural gas or minerals. The requirement applies to international as well as U.S.-based companies listed with the SEC.
"We hope the commission will keep exceptions to the disclosure required to a minimum," Lissakers said. "The SEC will be helping to create a new international transparency standard, as other countries are likely to follow the U.S. lead on these disclosures."
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RWI 12/6 Rule-Making Comments to SEC (pdf, SEC)
