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SEC Makes Second Attempt at Extractive Payments Rule

Joe Mont | December 11, 2015

The regulatory soap opera that is the Securities and Exchange Commission’s extractive payments rule is, once again, nearing its conclusion with the issuance of a rewritten proposal on Friday.

The rule would implement Section 1504 or the “Cardin-Lugar” provision of the Dodd-Frank Act. It requires public companies involved in the extraction of natural resources to annually report payments they, subsidiaries, and entities they control make to governments for the commercial development of oil, natural gas, or minerals.

The SEC previously adopted rules to implement the mandate back in 2012, but they were subsequently vacated after a successful lawsuit by the American Petroleum Institute. Fast forward to September 2015 and Oxfam America prevailed with a lawsuit of its own, demanding that the SEC make good on its promise to...

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