SEC will not appeal foreign disclosure ruling for oil & gas industry

Securities and Exchange Commission will go back to the drawing board to create regulations for disclosure of foreign payments by resource extractors

Tacitly acknowledging two substantial errors in drafting special disclosure provisions of the Dodd-Frank Act that apply to the oil, gas and mining industries, the Securities and Exchange Commission (SEC) has declined to appeal a District Court ruling striking down the provision.

In July, the U.S. District Court for the District of Columbia struck down an SEC rule that required resource extraction companies to publicly disclose payments made to foreign governments. The SEC let the deadline to appeal the ruling, Sept. 3, pass without action, instead opting to revisit the rule and develop a new version of it that resolves the issues laid out by the court.

Senior Editor and Community Manager

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Rich Steeves

Richard P. Steeves is Senior Editor and Community Manager of InsideCounsel magazine, where he covers the intellectual property and compliance beats. Rich earned a B.A....

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