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SEC Nixes Proposed Deadline for Extractive Payments Rule

Joe Mont | March 3, 2015

The November deadline demanded by Oxfam America for a final rule requiring oil, gas, and mining companies to disclose payments made to governments for the extraction of natural resources is “unachievable,” the Securities Exchange Commission says in a brief filed last week in U.S. District Court for the District of Massachusetts

In September 2014 Oxfam America, an international relief and development organization, sued the SEC for, in its words, “unlawfully withholding” the final rule, required by Section 1504 of the Dodd-Frank Act. When Congress enacted the legislation on July 21, 2010, it gave the SEC a 270-day deadline to promulgate rules. After Oxfam America sued (for the first time, in a separate case) over delays, the Commission issued a rule in August 2012, which was then challenged in court by the American Petroleum Institute and...

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