With a vigorous defense of its rulemaking process, the Securities and Exchange Commission has issued a point-by-point rebuttal to a legal challenge lodged against it by oil, gas, and mining companies.
The 81-page brief filed with the U.S. Court of Appeals for the District of Columbia on Wednesday follows the Commission’s decision in November not to voluntarily postpone the Nov. 13 implementation date of Rule 13q-1, approved in August as a mandate of the Dodd-Frank Act. The rule requires registered oil, gas and mining companies to disclose any payment, or series of related payments, totaling $100,000 or more that are made during the course of a fiscal year to the U.S. or foreign governments in exchange for extracting resources.
