|6/27/16||SEC Adopts Resource Extraction Issuer Disclosure Rule |
“On June 27, the SEC adopted Rule 13q-1 under the Exchange Act and related amendments to Form SD. Under the Rule, public companies are required to annually report on payments made to foreign governments and the U.S. federal government relating to the commercial development of oil, natural gas and minerals. Information must be provided concerning the type and total amount of payments made for each covered project and the type and total amount of payments made to each government.
The Rule is intended to help combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources, by making resource extraction payments more transparent. The Rule is the latest, but certainly not the last, in a growing body of mandatory corporate social responsibility disclosures.” (source: Ropes & Gray)