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The SEC adopted final rules that will require resource extraction issuers that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas, or minerals. The rules implement Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
The SEC adopted rules to implement Section 13(q) in 2016, but the 2016 Rules were disapproved pursuant to the Congressional Review Act, or CRA, by a joint resolution of Congress. Although the 2016 Rules were disapproved under the CRA, the statutory mandate in Section 13(q) of the Exchange Act has remained in effect. As a result, the Commission was statutorily obligated to issue a new rule, however, pursuant to the CRA the Commission may not reissu
Opening Bell: 12.17.20
At last an IPO no one wants; another SPAC deal; bitcoin surges; Clayton continues tidying up; and more!
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Dec 17, 2020
Metropolitan Transportation Authority of the State of New York, CC BY 2.0 , via Wikimedia Commons
At last an IPO no one wants; another SPAC deal; bitcoin surges; Clayton continues tidying up; and more!
The stock of ContextLogic Inc. closed at $20.05, valuing the company at $14.32 billion. On Tuesday, ContextLogic priced its IPO at $24 a share…. Before Wish’s listing, only 13 of 85 U.S.-listed IPOs valued at or over $10 billion declined on the first day of trading, according to Dealogic data that goes back to 1995.
Thursday, December 17, 2020
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.
FOR IMMEDIATE RELEASE Washington D.C., Dec. 16, 2020
The Securities and Exchange Commission today announced that it has adopted a rule to limit the potential for overlapping or duplicative regulation within its security-based swap regulatory regime. Specifically, the rule exempts certain activities of security-based swap execution facilities and security-based swap dealers from triggering the requirement also to register as a clearing agency, in line with similar exemptions for broker-dealers and national securities exchanges.
“This rule helps ensure that the various types of regulated security-based swap entities are subject to regulations tailored to their specific functions,” said Brett Redfearn, Director of the Division of Trading and Markets. “In seeking this result, the rule also should help the Commission’s regime for security-based swaps launch smoothly when dealer registration begins next year.”
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