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SEC Punts Extraction Payments Rule to 2016

Joe Mont | March 31, 2015

That rule the Securities and Exchange Commission was supposed to issue for oil, gas and mining companies—the one that requires them to disclose the payments they make to governments for extraction rights? The Commission now says not to expect it until 2016.

In its latest court filing pertaining to a lawsuit brought against it by Oxfam America over delays, the SEC says it will not issue a new rule proposal until spring 2016, pushing a final rule to that summer in all likelihood.

In September 2014 Oxfam America, an international relief and development organization, sued the SEC for “unlawfully withholding” the final rule, required by Section 1504 of the Dodd-Frank Act. 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 by the American Petroleum Institute and vacated by the U.S. District Court. Although the rule was sent back to the SEC to be redrafted, it has yet to do so...

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