Comment letters on the U.S. Securities and Exchange Commission’s proposed rule, published on December 23, 2010, to require “resource extraction issuers” to disclose to the Federal government payments made to foreign governments under the Dodd-Frank Act, have revealed different corporate worries.
Section 1504 of Dodd-Frank adds Section 13(q) to the Securities Exchange Act of 1934, requiring the Commission to report annually the type and total amount of payment made by the issuer or by an issuer’s “controlled entity” for projects related to the commercial development of oil, natural gas, or minerals.
