The rules were a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed for sweeping reforms in the wake of the global financial crisis. This was the third version of the rule, which for a decade has faced challenges from industry but has had wide backing among activists and investor groups.
In a nutshell, it required mining and oil companies to disclose their payments to foreign governments, including on a project-by-project or contract-by-contract level. The measure was aimed at curtailing the corruption that was widespread in resource-rich economies such as Angola and Nigeria. It was widely seen as an effort to lift the “resource curse” which had afflicted such economies, where the capital generated from oil or mineral production was stolen or squandered, bringing few blessings to the wider population.
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By Aaron Nicodemus2020-12-16T20:55:00+00:00
The Securities and Exchange Commission (SEC) on Wednesday approved revamped rules laying out what commercial oil, natural gas, and mineral extraction companies must disclose about payments they make to U.S. and foreign governments.
The rules had first been issued as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 but were knocked down in a 2012 lawsuit filed by the American Petroleum Institute (API). A second version of the rules was rescinded by Congress in 2017 using the Congressional Review Act (CRA). The SEC issued a third, revised set of rules in 2019 and made several tweaks in the final version passed Wednesday most notably, by significantly extending the compliance deadline until 2024.
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Yesterday, the Securities and Exchange Commission adopted final rules for the disclosure of payments by resource extraction issuers . These rules implement Section 13(q) of the Securities Exchange Act of 1934. Section 13(q) was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act. In a comment letter to the SEC, I recommended that the SEC define mineral . We decline to follow the recommendation of the commenter [yours truly] who suggested that we define the term mineral.
The SEC s explanation, however, is revealing: In this regard, we note that, in response to the 2019 proposed rulemaking, as well as to the 2016 rulemaking, no industry commenter has requested that we provide a definition of minerals.