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SEC is back with another extractive payments rule

Joe Mont | July 5, 2016

In 2012, a legal challenge defeated Disclosure of Payments by Resource Extraction Issuers, a Securities and Exchange Commission rule that would have required oil, gas, and mining companies to report the payments they make to foreign and domestic governments for extraction rights. Now, the SEC is resurrecting that effort with a revised edition of the rule. And while industry critics mull whether version 2.0 of this rule assuages their legal objections, companies face new compliance efforts that may be complicated, costly, and fraught with regulatory risk.

Among those praising the revised rule are two of the legislators who fought to include the mandate into the Dodd-Frank Act with the so-called Cardin-Lugar amendment.

During a conference call, Dick Lugar, the former Republican senator from Indiana, described the SEC’s revision as “a strong rule.”

“I am pleased that this rule is consistent with standards in the EU member states, Canada, and Norway,” he said. “It...

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